SOLDRetail
Jeffrey Edison Of Phillips Edison & Company Acquires Retail Center In Wheaton For $53M
1 Rice Lake Square
$53,000,000
$210/SF
Building Size
252,000 SF
Asset Type
Retail
Closing
Oct 20, 2026
About this deal
AI
The property asset involved in the transaction is Rice Lake Square, a retail shopping center located at 1 Rice Lake Square in Wheaton, Illinois. It was acquired by Phillips Edison & Company for a total price of $53 million, reflecting a price per square foot of approximately $210. The shopping center encompasses 252,000 square feet and is anchored by Pete’s Market.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $53,000,000
- Square Footage: 252,000
- Price per Square Foot: $210
- Buyer: Jeffrey Edison - Phillips Edison & Company
- Seller: Adam Firsel - Core Acquisitions
- Market: Wheaton, IL
- Sale Date: 10/20/2026
Jeffrey Edison represents Phillips Edison & Company in the acquisition of the property, while Adam Firsel represents Core Acquisitions as the seller. Core Acquisitions previously purchased the property for $34 million in 2024, subsequently completing renovations and adding new tenants prior to this sale.
On the Map
$53,000,000
$210/SF
Retail
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Players
Wheaton Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.30%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93