OAK BROOK, ILL.—Inland Real Estate Acquisitions Inc. has purchased South Elgin Commons, a 128,000-sq.-ft. shopping center in Elgin, Ill. for approximately $25 million. Lou Quilici, senior vice president of Inland Real Estate Acquisitions, facilitated the transaction on behalf of Inland Diversified Real Estate Trust Inc.
The property was 100 percent leased at closing and is anchored by Ross Dress for Less, Toys ‘R’ Us and LA Fitness.
“South Elgin Commons benefits from its location in Kane County, one of the wealthiest counties in Illinois,” Quilici said. “Annual household incomes within a three-mile radius of the center top $100,000, and within a mile, the average income is nearly $123,000.”
Also included in the purchase is an undeveloped pad next to Ross Dress for Less that could add an additional 11,000 sq. ft. of retail to the center.