Ohio-based REIT Philips Edison has acquired a grocery-anchored shopping center in Grayslake for $23 million. The property, located at 885 East Belvidere Road, spans 105,000 square feet and was sold by New York-based DRA Advisors as part of its ongoing liquidation of its $540 million Midwest property portfolio. The purchase aligns with DRA's strategy to exit retail assets in the Chicago area.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $23,000,000
• SF: 105,000
• PPSF: $219
• Market: Grayslake
• Buyer: Philips Edison - Jeff Edison
• Seller: DRA Advisors - David Luski

Philips Edison, a leading REIT from Ohio, successfully closed the deal to purchase a grocery-anchored shopping center in Grayslake. The property, located at 885 East Belvidere Road, was sold by DRA Advisors, a New York-based company. This transaction is part of DRA's ongoing liquidation effort, as it aims to sell off its $540 million Midwest property portfolio, which includes grocery-anchored shopping centers. With this purchase, Philips Edison expands its presence in the Chicago area retail market.