Intercontinental Acquires Parkway Shopping Center in Bloomington, Illinois on behalf of U.S. Real Estate Investment Fund, LLC
Intercontinental Real Estate Corporation (“Intercontinental”), a national real estate investment, development and management firm headquartered in Boston, MA, announced the acquisition of Parkway Shopping Center in Bloomington, Illinois. The acquisition, made on behalf of Intercontinental’s U.S. Real Estate Investment Fund, LLC (“US REIF”) was led by Steve Centrella, Director, Acquisitions at Intercontinental. CB Richard Ellis brokered the sale on behalf of the seller, M&J WIlkow, LTD and Prudential Real Estate Investors.
“Parkway Shopping Center is a perfect asset to help Intercontinental continue their investment strategy and bolster their presence in the Midwest,” said Richard Frolik, Executive Vice President of CBRE’s Oak Brook, Illinois office.
Parkway Shopping Center is a 213,060 square foot retail center located in Bloomington, Illinois. Located at the intersection of Veterans Parkway and College Avenue, known regionally as “Main and Main”, the shopping center is positioned directly across from a newly constructed 450,000 square foot life-style center anchored by Target, Von Maur, and Hobby Lobby. Parkway is 99% occupied and anchored by category leading tenants including Best Buy, Jewel, and TJ Maxx. The asset features 1,152 parking spaces located on approximately 22 acres of land.
“The combination or Parkway’s established location, low vacancy rates, and solid trade area demographics make for a very attractive investment opportunity for our fund,” commented Peter Palandjian, Chairman & CEO of Intercontinental.
Intercontinental Real Estate Corporation is an SEC registered investment adviser and real estate operating company with expertise in real estate investment, development, construction management, and asset management. The company has developed, managed and owned over $4 billion in real property assets across all property types including commercial, mixed use, hotel, recreational and residential projects. Presently, Intercontinental owns and manages a portfolio in excess of $1.8 billion for its clients and is actively seeking opportunities to invest in core, core plus as well as value oriented development projects.