North American Real Estate has purchased a suburban Woodridge retail center, as it continues its investment push in that sector.
The Schaumburg-based firm paid $20 million for the Woodgrove Festival, a 150,000-square-foot shopping center on 75th Street in Woodridge. New York-based Kimco Realty Corporation was the seller, according to HFF, which represented the seller in the deal.
The retail complex, completed in 1985, is 88 percent leased, with tenants including a movie theater, Starbucks and Shoe Carnival, among others. A Kohl’s store is nearby.
North American owns at least a dozen retail centers in Chicago and its suburbs, according to its website. The group specializes in acquiring and redeveloping shopping centers, often by buying up centers with high vacancies, according to Crain’s.
Kimco, another firm that specializes in shopping center acquisitions, sold off another of it’s Chicago-area properties in April, when Hubbard Street Group and Keeler Real Estate teamed up to acquire an Oak Lawn strip mall, which had lost its anchor store in Kmart.