CHICAGO—Dallas-based Netco Investments, Inc. has just purchased Fabyan Randall Plaza, a 91,415 square foot shopping center anchored by Trader Joe's and Walgreens located at 1980 W. Fabyan Pkwy. in west suburban Batavia, for $15 million. The sale is part of an ongoing effort by the seller, InvenTrust Properties, to reposition its portfolio.
“We consider this a non-strategic asset in a non-strategic market,” Dan Lombardo, director of investor relations for the Oak Brook, IL-based InvenTrust, tells GlobeSt.com.
As reported in GlobeSt.com, the investor recently announced $330 million in purchases, all of which were in top-tier markets. This group of new acquisitions, for example, includes the Stevenson Ranch Plaza in Santa Clarita Valley near Los Angeles, which was purchased for $72.5 million.
Senior directors Evan Halkias and Michael Marks, and director Nick Kanich of Cushman & Wakefield's retail investment advisory group represented InvenTrust in the transaction. “Fabyan Randall Plaza is well positioned along the heavily-travelled Randall Road corridor,” says Halkias. “By leasing the existing vacancy and leveraging the co-tenancy of Trader Joe's and Walgreens, the new owner has an opportunity to add significant, immediate value.”
In addition to Trader Joe's and Walgreens, other national tenants include Smashburger, Sports Clips, Edward Jones and Papa John's. A former 32,924 square foot Circuit City and an 11,300 square foot Office Depot offer contiguous space and also have visibility and signage on Randall Rd. and Fabyan Pkwy.
“This offering presented investors with the opportunity to acquire a well-located, grocery-anchored retail center,” says Marks. “This was a very competitive sale process, attracting a strong pool of value-add operators.”
CHICAGO—Dallas-based Netco Investments, Inc. has just purchased Fabyan Randall Plaza, a 91,415 square foot shopping center anchored by Trader Joe's and Walgreens located at 1980 W. Fabyan Pkwy. in west suburban Batavia, for $15 million. The sale is part of an ongoing effort by the seller, InvenTrust Properties, to reposition its portfolio.
“We consider this a non-strategic asset in a non-strategic market,” Dan Lombardo, director of investor relations for the Oak Brook, IL-based InvenTrust, tells GlobeSt.com.
As reported in GlobeSt.com, the investor recently announced $330 million in purchases, all of which were in top-tier markets. This group of new acquisitions, for example, includes the Stevenson Ranch Plaza in Santa Clarita Valley near Los Angeles, which was purchased for $72.5 million.
Senior directors Evan Halkias and Michael Marks, and director Nick Kanich of Cushman & Wakefield's retail investment advisory group represented InvenTrust in the transaction. “Fabyan Randall Plaza is well positioned along the heavily-travelled Randall Road corridor,” says Halkias. “By leasing the existing vacancy and leveraging the co-tenancy of Trader Joe's and Walgreens, the new owner has an opportunity to add significant, immediate value.”
In addition to Trader Joe's and Walgreens, other national tenants include Smashburger, Sports Clips, Edward Jones and Papa John's. A former 32,924 square foot Circuit City and an 11,300 square foot
“This offering presented investors with the opportunity to acquire a well-located, grocery-anchored retail center,” says Marks. “This was a very competitive sale process, attracting a strong pool of value-add operators.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
