IPCC Sells Suburban Chicago Retail Center
- Sep 22, 2016
By Carmen Horghidan
Chicago—Oak Brook-based, Inland Private Capital Corp. has announced the sale of a retail center located at 1703-1847 Freedom Drive in Naperville, Ill., a west Chicago suburb. The company’s subsidiary, which serves as asset manager, facilitated the sale on behalf of one of its 1031 investment programs. Financial terms were not disclosed.
Dubbed Freedom Commons, the 81,760-square-foot facility was constructed between 2007 and 2013. The property includes multiple restaurants and service tenants such as AthletiCo Physical Therapy, Maggiano’s Little Italy, Morton’s the Steakhouse and Old Town Pour House.
“The positive leasing activity during the first quarter of the year, combined with the 10 year extension of the Maggiano’s Little Italy lease, was instrumental in positioning this asset for a successful disposition,” Rahul Sehgal, CIO of IPCC, said in a prepared statement.
Image courtesy of Freedom Commons