1/10/2008

JV purchases suburban Chicago retail center

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A joint venture between Ramco-Gershenson Properties and Heitman, LLC has purchased Market Square, a grocery-anchored shopping center in the Chicago suburb of Glen Ellyn, Ill.

Holliday Fenoglio Fowler's Paul Barile, Janice Sellis, Jim Batjer and Barry Brown brokered the deal on behalf of the seller, a pension fund advisor.

The 162,705 square foot shopping center is situated on 12.7 acres at 525 Roosevelt Rd. It is anchored by Jewel Osco and includes tenants such as Panera Bread, Blockbuster and Dollar Tree. The property was renovated in 1996.

The Ramco-Gershenson/Heitman venture is a $450 million fund that recently acquired the Olentangy Plaza, a 253,000 square foot shopping center in Columbus, Ohio.

Glen Ellyn is located roughly 20 miles west of Chicago and has a population of 28,000.

Address: 525 Roosevelt Rd., Glen Ellyn, Ill.

Size: 162,705 square feet

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Filed Under: Retail

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