Food-4-Less-Anchored Pheasant Hill Plaza Sold

BOLINGBROOK, IL-The sale of the 111,570-sf Pheasant Hill Plaza in this southwest suburb has closed after being on the market at $13 million. RMS Properties bought the 100%-leased property after Food-4-Less became the new anchor tenant, replacing Dominick’s.

The 17-year-old property located on nearly 13 acres was on the market for nearly a year. Part of the NAI Hiffman VP Tobin B. Knight’s assignment from TCB Development included negotiating Dominick’s early lease termination, paving the way for Cincinnati-based Kroger’s Food-4-Less to enter Bolingbrook.

Food-4-Less signed a 20-year lease on the 62,750-sf anchor position in the shopping center, which included a recently resurfaced 629-space parking lot.

Although the purchase price was not disclosed, the deal was at an 8% capitalization rate, according to NAI Hiffman’s retail brokerage group.