Elston Plaza
CHICAGO, IL–DWS Group's RREEF Property Trust Inc. has purchased the 92,800-square-foot Elston Plaza at the corners of N. Elston, W. Addison and N. Kedzie in the Avondale neighborhood. The shopping center sold for an undisclosed price.
“While e-commerce is growing rapidly, well-located necessity based brick-and-mortar sales are also expanding,” said Todd Henderson, DWS's head of Real Estate Americas, in a statement. “Centers like Elston Plaza drive consumer traffic by meeting area residents' daily service and dining needs and have historically been cyclically defensive given the lease structures and merchandising mix.”
The 96% leased property houses 11 tenants including the anchor Jewel-Osco, as well as Chase Bank, Chipotle, Subway, Great Clips and O'Reilly Auto Parts.
Previously Elston Plaza was purchased by Inland Real Estate Corp. for nearly $19 million in 2011.
The purchase by RREEF is meant to strengthen the REIT's holdings based on sector, geography and tenant base.
“We believe that grocery-anchored shopping centers have an important place in a portfolio and view the acquisition of Elston Plaza as a complementary addition to RREEF Property Trust's growing portfolio of assets,” Henderson said.
Elston Plaza was built in 1983 and is located three miles from Wrigley Field.
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