Rockville, MD-based Federal Realty Investment Trust has acquired Riverpoint Center, a 211,000-square-foot, grocery-anchored community shopping center on 17 acres in Chicago. Located in the affluent Lincoln Park submarket at West Fullerton Avenue and North Clybourn Avenue, the asset was purchased in a $107-million, off-market, cash deal from an affiliate of Centrum Partners.
The 97% occupied urban center is anchored by Jewel-Osco, Marshalls and Old Navy. Federal Realty anticipates it will be able to increase the value of the property over time, by bringing current rents up to market and increase density on the large, infill site.
Federal Realty’s Dan Guglielmone said, “This investment capitalizes on the continued trend toward urbanization in our existing markets.”
For comments, questions or concerns, please contact Dennis Kaiser