OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Real Estate Acquisitions, Inc. (“Inland”) announced today the acquisition of Commerce Center, a shopping center in Downers Grove, Ill., for approximately $9.9 million. The center is located at Butterfield Road and South Highland Ave., along a major retail corridor extending east on Butterfield Road to Oakbrook Center in Oak Brook. Commerce Center totals 104,196 square feet and is leased to Toys “R” Us and Best Buy. Mark Cosenza, vice president of Inland Real Estate Acquisitions, facilitated the transaction.
“The Butterfield Road retail corridor is one of the strongest in the western suburbs, anchored by Oakbrook Center on one end and this center and surrounding retailers on the other,” Cosenza said. “It is an excellent site, as evidenced by Best Buy’s recent decision to renew its lease at the property for a new 10-year term, and both tenants are paying sustainable rents at below-market rates. We’ve had a long relationship with the village of Downers Grove, having acquired both retail and multi-family assets in the area, and we are pleased to continue it with this transaction.”
Toys “R” Us has been open at the center for over 30 years, and Best Buy opened in 1992. In addition to the retail store, Best Buy uses the location to house a 10,000-square-foot training center and regional office.
About Inland Real Estate Acquisitions, Inc.
Inland Real Estate Acquisitions, Inc. facilitates acquisitions for various entities that are a part of The Inland Real Estate Group of Companies, Inc. (“Inland”). Headquartered in Oak Brook, Ill., Inland has been ranked one of the largest shopping center owners and managers in North America (Retail Traffic, May 2012) and the fastest-growing acquirer of retail property in the U.S. (Chain Store Age, May 2012). As of December 31, 2012, Inland-sponsored companies owned and managed in total over 88.7 million square feet of diversified commercial real estate in 48 states, as well as managed assets in excess of $20.8 billion. Inland is comprised of a group of independent legal entities some of which may be affiliates, share some common ownership or have been sponsored and managed by Inland Real Estate Investment Corporation or its subsidiaries. For additional information, please refer to Inland’s website at www.inlandgroup.com.