May 16, 2019
Phillips Edison & Company (PECO) has acquired Naperville Crossings, a 146,591-square-foot neighborhood lifestyle center in Naperville, IL, for a reported $51 million.
The transaction bolsters PECO’s presence in the greater Chicago metropolitan area and specifically within the Naperville market, which the company said is widely recognized as a top community to raise a family.
“The property is located in a vibrant and growing neighborhood, which is experiencing a surge of development with more than 800 new residential units expected to be delivered in the immediate area over the next few years—including 58 high-end apartments directly adjacent to the shopping center,” said PECO SVP David Wik.
Cushman & Wakefield’s Evan Halkias and Michael Marks represented the undisclosed seller. The property is currently 92% leased, with a tenancy that includes a freestanding Aldi and several high-profile restaurants and service-oriented tenants.
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