Grosvenor buys Illinois retail center

Grosvenor has acquired Rice Lake Square, a 250,000-square-foot Whole Foods-anchored shopping center in Wheaton, Ill.

The property, originally developed in 1989, is located about 25 miles west of Chicago near the intersection of I-88 and I-355.

The property was approximately 95 percent leased at the time of sale to a variety of tenants, including Linens 'n' Things, Borders Books and Music, Stein Mart, Panera Bread, and several restaurants, in addition to the Whole Foods grocery.

Bob Mahoney of CBRE represented the seller, Kennedy Associates, in the acquisition. Chicago-based Mid-America will lease and manage the center for the new ownership.

Grosvenor is a privately owned property development and investment group.

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