RPAI acquires mixed-use property for $88 million

A mixed-use project with 103,000 sq. ft. of retail in the western suburbs of Chicago has been purchased by Retail Properties of America for $88 million.



Main Street Promenade, a town center style development in Naperville, is 93% leased and includes tenants such as Ann Taylor, Sur la Table, White House | Black Market, and Anthropologie.



RPAI indicated that a five-mile population of 215,000 and an average household income of $130,000 as factors in the acquisition. An undeveloped 62,000-sq.-ft. parcel that has been approved for development was also part of the deal.



“We are thrilled to start the year with a mixed-use acquisition of this scale in one of the strongest submarkets in the Chicago MSA," said Matthew Beverly, senior VP and director of investments at the Oak Brook, Illinois-based RPAI.

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