Transwestern’s Chicago office has brokered the sale of Deer Grove Shopping Centre located at 605 E. Dundee Road in Palatine.
The 236,173-square-foot center was developed in 1996 and is anchored by Dominick’s, a Chicago-based grocer, and national tenants including TJ Maxx/Home Goods, Petco and Staples. The center is shadow-anchored by Target and Home Depot. C-III Asset Management sold the Class A property to Ramco Gershenson for $20 million.
“Deer Grove Shopping Centre was well received by investors in the marketplace due to the high quality of the center and the tenant line-up,” said Janice Sellis, director of capital markets with Transwestern. “The property will be the center of retail in this area as TJ Maxx/Home Goods opens its doors next month.”
The property was 81 percent leased at the time of sale, including the newly executed TJ Maxx/Home Goods lease. The national retail chain is expected to improve traffic at the property and increase future leasing prospects. The acquisition of Deer Grove Shopping Centre will allow Ramco to add value through leasing and repositioning, resulting in a core, market-dominant retail center.
Sellis and Paul Barile, Transwestern director, along with C-III Realty Services, represented the seller in the transaction.
