Cushman & Wakefield closed on the sale of Naperville Crossings, a premier open-air retail center located in the affluent Chicago suburb of Naperville, Illinois. The property was acquired by Phillips Edison & Company. The Cincinnati-based owner, operator, acquirer and developer of shopping centers reportedly paid $49.9 million for the property.
The transaction encompassed 146,591 square foot of existing retail space, of which 92 percent is currently occupied and leased to national and regional tenants. Located at the intersection of Route 59 and 95th Street in Naperville, the property consists of a diverse tenancy that includes a free-standing Aldi and several high-profile restaurants and service-oriented tenants. Evan Halkias and Michael Marks of Cushman & Wakefield’s retail investment advisors group represented the seller in this transaction.
