CHICAGO—A New York City-based institutional investor has paid $2.225 million for a shopping center located at 115 Rand Road in Arlington Heights, Ill. The seller is a private individual based in Oak Brook, Ill. Chad Firsel of Quantum Real Estate Advisors Inc. represented both the seller and purchaser in the transaction.

The center, comprised of 5,916 sq. ft. of space, includes tenants such as Caribou Coffee, Smashburger and Jersey Mike’s Subs.

The property was completely renovated during the second quarter of 2011.