Naperville Crossings, a 147,000-square-foot shopping and lifestyle center in the desirable Chicago suburb, is being acquired by Cincinnati-based Phillips Edison & Co. Inc.
The shopping center is anchored by a newly constructed, 21,820-square-foot ALDI grocery store and is home to national and local retailers, including AT&T, Biaggi’s Ristorante Italiano, Massage Envy, Nothing Bundt Cakes, Orangetheory Fitness, Panera Bread and Starbucks. Located at the busy intersection of Illinois Route 59 and 95th Street, the center sits in a densely populated and affluent suburb with an average household income of more than $146,475 within a three-mile radius.
“Naperville Crossings exemplifies our strategy of acquiring well-located shopping centers in markets supported by strong long-term economic fundamentals,” Phillips Edison Senior Vice President of Acquisitions David Wik said in a statement. “The property is located in a vibrant and growing neighborhood, which is experiencing a surge of development with more than 800 new residential units expected to be delivered in the immediate area over the next few years — including 58 high-end apartments directly adjacent to the shopping center.”
Phillips Edison's acquisitions pipeline is managed by a national, in-house acquisitions team from which it continues to source opportunities to acquire high-quality, grocery-anchored shopping centers diversified by grocer, geography and tenancy.