Mid-America Real Estate Corporation’s Investment Sales Group has successfully arranged the sale of Rice Lake Square, an institutional-quality grocery-anchored shopping center in Wheaton (DuPage County), one of the most desirable and affluent communities in Chicago’s western suburbs.
The 244,924-square-foot center is anchored by a high-performing Pete’s Fresh Market grocery store operating on a long-term lease and features additional traffic driving tenants that include PetSmart, Massage Envy, Pure Barre, Xfinity, Potbelly, 7Brew, Taco Bell, and others.
The center benefits from its ideal positioning adjacent to the “main and main” intersection of one of the dominant retail trade areas serving Chicago’s western suburbs. The intersection of Butterfield and Naperville Roads carries 51,000 vehicles per day and is a primary thoroughfare for the prosperous communities of Wheaton, Glen Ellyn, Naperville, and Downers Grove.
Rice Lake Square is located within an infill trade area featuring some of the most desirable demographics in Chicago’s western suburbs. Within three miles, there are more than 78,000 residents enjoying average household incomes of $164,400 and median home values of $474,800.
Rick Drogosz, Principal, Joe Girardi, Principal, and Patrick Corrigan, Senior Associate, with Mid-America Real Estate Corporation’s Investment Sales Group, served as the exclusive listing brokers on behalf of the seller, Core Acquisitions. The property was acquired by Phillips Edison Company (PECO).
