According to a story by Micah Maidenberg on the Crain's Chicago Business real estate website, the sale is "a reminder that many suburban retail properties are still worth less than they were before the crash."
Shades of the Charlestowne Mall.
LaSalle Investment Management is the buyer. Invesco Ltd. is the seller. The property is 438,000 square feet, located at 602 Commons Drive on Randall Road and billed as "an upscale lifestyle center ... in the heart of the St. Charles/Geneva/Batavia retail complex."
Among its tenants are Crate and Barrel, Barnes & Noble, Dick's Sporting Good, Anthropologie, Pottery Barn, Williams-Sonoma and 70 stores and restaurants, according to the mall's website, shoppinggeneva.com.
Ltd. paid $127.3 million for the property in 2005, according to the Kane County Recorder of Deeds, Crain's reports.
Crain's reported in May that the owners of the Commonsdefaulted on a $40 million loan, certainly a harbinger of the recent sale.
Occupancy is still pretty good — at about 93 percent, but less than the 98 percent it had in 2007, according to the Chicago Real Estate Daily article.