January 4, 2019
DWS Group announced today that RREEF Property Trust, its publicly registered, daily NAV REIT, has acquired Elston Plaza, an urban grocery-anchored shopping center in the North Side’s Avondale neighborhood. Terms were not disclosed.
The property, built in 1983, totals 92,806 rentable square feet and is currently 96% leased to 11 tenants. It’s anchored by grocery chain Jewel-Osco, along with a mix of service, medical, and dining tenants including Chase Bank, Chipotle Mexican Grill, O’Reilly Auto Parts and ATI Physical Therapy.
“While e-commerce is growing rapidly, well-located necessity based brick-and-mortar sales are also expanding,” said DWS’ Todd Henderson. “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 merchandizing mix.”
He added that grocery-anchored properties such as Elston Plaza “have an important place in a portfolio.”
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