DWS Group revealed that RREEF Property Trust Inc., its publicly registered, daily NAV REIT, has acquired Elston Plaza, an urban grocery-anchored shopping center in Chicago. The property is anchored by one of the metro area’s leading grocers, Jewel-Osco, and is strategically located at the confluence of three of Chicago’s busiest thoroughfares: Addison, Elston & Kedzie.
According to a prepared statement, the acquisition further diversifies RREEF Property Trust’s private real estate holdings based on sector, geography and tenant base.
The property, built in 1983, totals 92,806 rentable square feet and is currently 96% leased to 11 tenants. Jewel-Osco is complemented by a mix of service, medical, and dining tenants including Chase Bank, Chipotle Mexican Grill, O’Reilly Auto Parts and ATI Physical Therapy. Located in the Avondale neighborhood, the shopping center sits east of the I-90/94 Addison entrance and 3 miles west of Chicago’s Wrigley Field.
“While e-commerce is growing rapidly, well-located necessity-based brick-and-mortar sales are also expanding. Centers like Elston Plaza drive consumer traffic by meeting area residents’ daily service and dining needs and have historically been cyclically defensive given the lease structures and merchandizing mix,” said Todd Henderson, Head of Real Estate, Americas, for DWS. “We believe that grocery-anchored shopping centers have an important place in a portfolio and view the acquisition of Elston Plaza as a complementary addition to RREEF Property Trust’s growing portfolio of assets.”