Baum Realty Group sells retail near Chicago

Buyer plans multimillion-dollar redevelopment

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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 plan a major multimillion-dollar redevelopment of the property and have 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.