FNRP Buys Grocery-Anchored Retail Asset Near Chicago
First National Realty Partners has acquired Townes Crossing, a 105,731-square-foot grocery-anchored retail center in Oswego, Ill., in the Chicago area.
DRA Advisors sold the asset for $13.7 million, public records show. Furthermore, the buyer financed the purchase with a $7.5 million loan from WoodmenLife, due to mature in June 2030.
Cushman & Wakefield Executive Director Evan Halkias represented the seller in the off-market transaction. The property previously traded for $10.9 million in 2002.
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Jewel-Osco, an Albertsons subsidiary, has been anchoring Townes Crossing for more than 30 years with a 65,000-square-foot store. Other tenants include Phenix, Salon Suites, Oswego Dental, The Ups Store and Subway. The average tenure at the property exceeds 25 years, FNRP Vice President of Acquisitions Matt Annibale said in prepared remarks.
Townes Crossing came online in 1994 at the intersection of Douglas Road and Highway 30, some 43 miles from downtown Chicago and adjacent to the Settlers Landing shopping mall. Within a 5-mile radius of the retail center live more than 220,000 individuals with average household incomes exceeding $124,000, according to FNRP.
FNRP bullish on grocery-anchored retail
The Townes Crossing buy was the fourth off-market transaction for FNRP this year so far, CIO Mike Hazinski added. The company currently owns more than 60 properties across various commercial real estate sectors, having more than $2 billion in assets under management and operating in 26 states.
Last year, FNRP entered the Delaware market with the acquisition of Christina Crossing, a 119,446-square-foot grocery-anchored shopping center in Wilmington. The seller was also DRA Advisors.
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