His company, based in Oak Brook, IL, acquired the shopping center, which was previously called Northgate Plaza, in July 2005 for approximately $9.7 million, sources say. Rubin would not confirm the sales price but said that the total cost for the redevelopment is approximately $12 million. "We thought it was a great location," Rubin says, adding that it was a "value-add opportunity."

Buffalo Grove, IL-based Horizon Realty Services Inc. represented Midwest in the sale. Sparton Real Estate and Development, based in Glen Ellyn, IL, represented Restaurant Depot. The business reportedly acquired the 66,000 sf for more than $4 million. Restaurant Depot wanted to locate to the shopping center but wanted to own their parcel, Rubin tells GlobeSt.com. The chain sells equipment to restaurants, non-profit food service providers and business owners, but is not open to the general public.

The shopping center is on 23-acres near the four-way interchange for North Avenue and Interstate 355. The center was formerly anchored by Menards and was only 25% occupied when Midwest Equities acquired it in 2005, Rubin said. Tenants at the center include T-Mobile, Redwing Shoes, Ultimate Spa and Jimmy Johns. The center is approximately 35% leased or sold, with 120,000 sf at the center available for sale or lease. The lease rates range from $7 per sf to $22.50 per sf net, with the sales prices for condominium units ranging from $70 to $85 per sf, Rubin tells GlobeSt.com. The shopping center is shadow-anchored by an 110,000-sf Harlem Furniture. Menards moved out of the shopping center for space "just west of us down the street" that the retailer owns, Rubin says.