The recent acquisition of a shopping complex by a real estate company shows that recovery in the commercial real estate market in the United States is slowly getting momentum as real estate companies starts to acquire high- end commercial properties in different states across the country.
Phillips Edison and Company— manages and owns more than 26 million square feet of shopping centers across the U.S has recently acquires Glidden Crossing Shopping Center, a shopping complex in DeKalb, Illinois.
May Center Advisors’ Chris Labounty represented the seller of the 99,091- square- feet shopping complex, which is anchored by privately held grocery store chain in the Midwestern— Schnuck’s supermarket.
According to the Chief Investment Officer, Hal Scudder from Phillips Edison, the shopping complex, Glidden Crossing is the company’s seventh grocery-anchored center acquisition closed in 2010, and the company’s second acquisition for 2011 in the greater Chicago district.
The shopping complex is strategically situated on Annie Glidden Rd, the major artery connecting East-West Toll- way to the city of DeKalb and to Northern Illinois University.
Director of Acquisitions for the Midwest, Derk Taylor said in a press release, Glidden Crossing represents an excellent opportunity to acquire a property that has a strong performing grocery center as an anchor tenant within a growing market that has a diverse economic base.
Completed on 2007, Glidden Crossing features about 58,000- square- feet Schnuck’s grocery— anchored tenant, 16,800- square- feet Goodwill, and about 23,000- square- feet of shopping space with several out parcels.
Other anchored shopping complex acquired by the company includes Marketplace Shopping Center in Missouri, Fort Smith Pavilion in Arkansas, Prairie Point Shopping Center in Illinois, and others.