A New Jersey-based developer has paid more than $13 million for a shopping center near Chicago, the latest in a long string of sales in the area by DRA Advisors as it liquidates a sprawling retail portfolio that it bought in 2016.
First National Realty Partners has bought the Townes Crossing shopping center in Oswego, Illinois, in an off-market deal for the property anchored by a Jewel-Osco grocery store, the firm said in a statement Tuesday.
The price was $13.65 million, backed by a $7.5 million loan from the Woodmen of the World Life Insurance Society, according to Kendall County property records and CoStar data.
It was sold by DRA Advisors, the New York-based firm that acquired the center as part of its $2.3 billion deal for the Inland Real Estate Group portfolio of retail properties in 2016.
The Oswego deal is a relatively small piece of a fast-moving wave of large deals by DRA Advisors to liquidate the portfolio, including a recent $74.6 million sale of the Orland Park Place center in Orland Park, Illinois.
Before that, DRA sold three other suburban Chicago shopping centers for almost $110 million.
DRA did not respond to a request for comment from CoStar News about the latest deal.
Townes Crossing is about 40 miles southwest of Chicago’s Loop business district at the intersection of U.S. Route 30 and Douglas Road. The 105,731-square-foot center is just over 90% leased, according to CoStar data.
The largest tenant is the 65,000-square-foot grocery store, according to the statement from Red Bank, New Jersey-based First National Realty Partners. Other tenants include “daily-needs retailers” such as a hair salon, a dental practice, a UPS store and a Subway sandwich shop.
"Townes Crossing is a testament to strong competitive positioning, with tenants boasting a weighted average tenure at the property exceeding 25 years," Matt Annibale, vice president of acquisitions at First National, said in the statement. "The center is situated in a neighborhood trade area, and we believe is poised to benefit from continued migration to Kendall County."
For the Record
The seller was represented by Cushman & Wakefield brokers Evan Halkias and Michael Marks.