Retail Properties buys Oak Brook Promenade
Oak Brook-based Retail Properties of America Inc., formerly Inland Real Estate Investment Corp., said it has acquired the Oak Brook Promenade shopping center for about $66 million.
The Promenade is a two-story, 183,000-square-foot lifestyle-mixed-use center with retail shops and restaurants.
Company spokeswoman Kimberly Freely could not comment on whether any changes are planned for the Promenade.
The Promenade was among a group of recent acquisitions made by Retail Properties, including the Shoppes at Hagerstown in Hagerstown, Maryland, for about $27 million; Merrifield Town Center in Washington, D.C., for about $45.6 million; The Shoppes at Union Hill in New York for about $63 million and another called Ashland and Roosevelt in Chicago for about $13.8 million, according to a Retail Properties' transcript from the earnings report.
"Each is a little different and each highlights a distinct part of our strategy, whether it be a short- to medium-term redevelopment opportunity as evidenced by our acquisition of Merrifield II in the Washington, D.C. (area) or an asset where we can leverage our operating platform to recognize significant mark-to-market, or re-merchandising opportunities as shown by our acquisitions of Oak Brook Promenade in the Chicago (area) and the Shoppes at Union Hill in the New York MSA," said CEO Steven Grimes, according to the transcript.
As of March 31, Retail Properties owns 192 retail properties nationwide. The deal closed on March 29, but was announced during the company's first-quarter earnings report released late Monday.