For $91M, RP Cashes in Chips on Village Square

NORTHBROOK, IL-A partnership that includes Principal Mutual has paid $91 million for Village Square, a 334,955-sf shopping center that is 100% leased. Los Angeles-based RP Properties, which was represented by Faris Lee Investments chairman David Lee, got nearly $272 per sf for the center at 31-315 Skokie Blvd.

Circuit City, Linens ‘n Things, Nordstrom Rack, the Container Store, Cost Plus, Old Navy, Sports Authority, Marshalls, Zany Brainy, Starbucks and Kinko’s are among the tenants at Village Square, which RP Properties acquired a year ago for $79 million, according to property records. “David Lee had the vision a year ago to see a quality investment opportunity in Village Square and advised us to acquire the property based on its tremendous upside,” says RP Properties partner Jason Lieberman. “[Lee's] keen vision resulted in a huge profit for our company.”

Melvin Kaplan and David Brackney of Melvin Kaplan Realty represented the new owners of the five-building center southwest of the Edens Expressway interchange at Lake-Cook Road. The new owners are four separate groups.

The 29-acre property, developed in 1995, has been managed by Oakbrook-based Mid-America Asset Management, Inc. Average household income in the five-mile trade area is $186,757, according to the company, but jumps to $213,990 within a mile of the center.