Time Equities Inc. (TEI) continues to expand its portfolio throughout the United States and today announced that they have acquired Burbank Plaza, a 28,000-square-foot, grocery shadow-anchored center located at 8014-8050 South Cicero Ave. in Burbank, Illinois from a private seller for $3.1 million. This acquisition marks TEI’s 10th retail asset in the state.
“We are pleased to grow our Chicagoland retail portfolio and continue to seek out value retail throughout the Midwest,” said Ami Ziff, managing director of national retail at TEI. “We have had an established presence in the Burbank community since 2005, when we redeveloped an industrial asset within our portfolio into the Shoppes at Bedford Park, a 100% leased, open-air center located just one mile north.”
Anchored by Family Dollar and shadow-anchored by Jewel-Osco, Burbank Plaza is 91% leased with tenants including a dry cleaner, nail salon, phone store and others.
TEI was represented in-house by Ami Ziff, Jonathan Kim, Grant Scott and Eli Smith. The seller was represented by Adam Foret, vice president of CBRE.
