Oak Brook-based real estate firm buys Commerce Center in Downers Grove for $9.9 million
DOWNERS GROVE – Inland Real Estate Acquisitions, Inc. announced its purchase of the Commerce Center shopping strip in Downers Grove for about $9.9 million on Thursday.
The Commerce Center has 104,196 square feet and is leased to Toys “R” Us and Best Buy.
“The Butterfield Road retail corridor is one of the strongest in the western suburbs, anchored by Oakbrook Center on one end and this center and surrounding retailers on the other,” Inland Vice President Mark Cosenza said in a news release. “It is an excellent site, as evidenced by Best Buy’s recent decision to renew its lease at the property for a new 10-year term, and both tenants are paying sustainable rents at below-market rates.
"We’ve had a long relationship with the village of Downers Grove, having acquired both retail and multi-family assets in the area, and we are pleased to continue it with this transaction.”
Toys “R” Us has been open at the center for more than 30 years, and Best Buy opened in 1992. In addition to the retail store, Best Buy uses the location to house a 10,000-square-foot training center and regional office.
Inland Real Estate Acquisitions, Inc. is headquartered in Oak Brook.