Mosaic Buys Bank-Owned Retail Center for $24M

SOUTH ELGIN, IL-Mosaic Properties, based in Northbrook, has purchased the 260,000-square-foot South Elgin Crossings retail center here for $24 million from Key Bank. The center consists of seven buildings and includes tenants Home Depot, Best Buy, Staples and PetSmart.

Chad Firsel, president of Quantum Real Estate Advisors Inc., represented the buyer in the transaction. He says Mosaic secured financing from Wells Fargo for 25% of the purchase price. The property, 97% leased, had 15 bidders. “It’s the largest open-air deal in the past two years,” Firsel says, and shows that sufficient capital from banks and investors is starting to pour through the system.

The property at the intersection of Randall and McDonald roads includes a pad that can hold another 25,000-square-foot building, Firsel says. The 2-year-old center was built by V-Land Corp.