Intercontinental Makes First Acquisition 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 Park Place in Palatine, Illinois. The investment marks the first acquisition on behalf of Intercontinental’s U.S. Real Estate Investment Fund, LLC (U.S. REIF).
Park Place is a 230,000 square foot shopping center located at the intersection of Rand and Dundee Roads in Palatine, IL. The shopping center has a core of solid performing anchors including Whole Foods, TJ Maxx/Home Goods, and Office Max. Optimally located at the intersection of two primary arteries that serve Palatine and the surrounding communities, Park Place has excellent access and visibility. The asset consists of one main building featuring 19 tenant suites, a separate 2 tenant building, 4 outparcels, and 1,592 parking spaces totaling approximately 24 acres. The shopping center is shadow anchored by a separately owned, 141,616 square foot Walmart. Park Place serves both a stable and mature trade area that has experienced increasing growth over the past decade.
“We are very pleased to announce our first acquisition on behalf of U.S Real Estate Investment Fund, a prime investment located in the heart of Palatine’s Retail Corridor. This asset represents the first of many future acquisitions and we look forward to continuing this positive momentum,” commented Peter Palandjian, Chairman and CEO of Intercontinental.
U.S. REIF is seeking investments in yield-driven real estate, diversified by geography and product type. The fund’s primary focus is on assets which provide stable and predictable cash flow with an opportunity of capital appreciation.
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 manages a portfolio in excess of $1.6 billion for its clients and is actively seeking opportunities to invest in core, core plus as well as value oriented development projects.