Baum Realty Group sells retail near Chicago

Baum Realty Group on Thursday announced the sale of the Norwood Square retail center in Park Forest, Ill., for an undisclosed price.

The 15-acre, 129,000-square-foot shopping plaza sits at the intersection of 26th Street and Western Avenue.

Nassimi Realty Corp. purchased the property and plans a major multimillion-dollar redevelopment of the property and has committed to spending $1 million in the first 12 to 15 months of the project in order to revitalize and re-lease Norwood Square as a destination shopping center.

At the time of purchase, tenants at the center included Family Dollar and Currency Exchange.

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