A pension fund advised by RREEF Real Estate has spent $21.1 million to purchase the La Grange Crossing shopping center—including the former Borders—in downtown La Grange, Crain’s Chicago Business reports.
According to Crain’s, the shopping center, which includes businesses between Ogden and Hillgrove avenues on both sides of La Grange Road like Trader Joe's and Walgreens, suffered a blow when Borders closed in September of 2011—but former owners Edwards Realty, who bought the property for $16.3 million in July 2010, recouped by divvying up the former bookstore into multiple suites.
The Doings La Grange reports that in place of a single tenant to take over the former Borders, multiple leases have been signed—including for Massage Envy, Great Clips, ATI Therapy, a new location for La Grange’s AT&T store and an unspecified yogurt depot. (One suite remains open; Smashburger occupies a portion of the former Borders.)
“They’ve done a fairly good job of finding a mix of tenants,” La Grange community development director Pat Benjamin told the paper. “Smashburger is being very well received. They’re doing really well.”
Crain’s reports that the center was build in 2002 and consists of four buildings for a total of 67,800 square feet, making the purchase $311/sq. ft.
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