Regions Midwest | Chicago
AFIAA Buys 159,800-Square-Foot Chicago Retail Plaza
April 10, 2008

Zurich, Switzerland-based AFIAA purchased the 159,800-square-foot Elston Logan Plaza shopping center in Chicago from a joint venture between Joseph Freed and Associates L.L.C. and Wynn and Associates. Mid-America Real Estate Corp., which represented Joseph Freed and Associates, reported that a 49,500-square-foot segment sold for $21.1 million. The center, located in an upscale residential area at Elston Avenue and Logan Boulevard, five miles northwest of the Chicago Loop, includes a two-story XSport Fitness center, a Panera Bread restaurant and an Enterprise Rent-a-Car outlet with a 265-car parking structure. Renowned architect Alfred Altschuler designed the structure, which was built in 1928. The 14.4 million-square-foot northwest suburbs retail submarket had another 820,000 square feet under construction and a 6.2 percent vacancy rate as of year-end 2007, according to a report from CB Richard Ellis Inc. which also indicated that average net asking rents ranged from $14.27 to 18.28 per square foot

 
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