Core Acquisitions, a leading real estate firm, has recently acquired Rice Lake Square in Wheaton, Illinois. This 251,584-square-foot shopping center was purchased for $34.25 million from an institutional owner. It marks the fifth major acquisition of shopping centers by the company within just one year.
The transaction was facilitated by Rick Drogosz of Mid-America Real Estate who represented the seller. The acquisition loan was provided by Old National Bank and Core will handle property management services while leasing agent duties have been retained by Mid-America Asset Management which has been leasing the center for over two decades.
Rice Lake Square is a well-established shopping destination that underwent renovations in 2011 and 2019 after being developed in 1989. Its anchor tenants include Pete’s Fresh Market, Studio Movie Grill and PetSmart along with other popular brands like Message Envy, Orange Theory Fitness and Men’s Wearhouse among others. At present it is leased to approximately 76% capacity with Pete’s Fresh Market as its largest tenant occupying around 69k square feet following extensive renovation work completed in 2019.
