Core Acquisitions, an affiliate of Core Acquisitions, has recently completed the acquisition of two shopping centers in Tinley Park and Schaumburg. The properties, known as Park Center and Woodfield Plaza respectively, span a total of 203,000 square feet. DRA Advisors was the seller for both assets.
Tinley Park is a bustling 132,000-square-foot shopping center anchored by popular retailers such as Chuck E Cheese and CFX Fitness. Aldi and Sam’s Club also serve as shadow anchors for the property. At the time of acquisition occupancy stood at 75 percent; however Core plans to implement a value-add strategy to lease up any vacancies.
The transaction was facilitated by Rick Drogosz from Mid-America Real Estate Corp., while financing was provided by American Commercial Bank & Trust. Leasing will be spearheaded by Paige Schiesser and Brooke Spinell from Mid-America with property management services being handled directly through Core Acquisitions.
In Schaumburg lies Woodfield Plaza – another successful addition to Core Acquisition’s portfolio spanning over 71,000 square feet with current tenants including David’s Bridal,Blick Art Materials,and Phenix Salon Suites.The center had an occupancy rate of only 45 percent at timeof purchase but that didn’t stop Lakeside Bank providing financing support.Property management services will once again be providedbyCoreAcquisitionsthemselves.
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