Maryland retail real estate investor Federal Realty Investment Trust said it paid $107 million for a shopping center on the western edge of Lincoln Park, the second big retail sale in the neighborhood this year. Riverpoint Center, a 211,000-square-foot strip mall at Fullerton Avenue and the North Branch of the Chicago River, is 97 percent occupied, with tenants including Jewel-Osco, Marshalls and Old Navy.
The sale price is more than double the shopping center’s appraised value of $53 million in 2007, when the Centrum venture took out a $43 million mortgage on the property, according to a report on the loan from Bloomberg. The loan was scheduled to mature May 1.
Federal Realty said it expects to boost the value of the shopping center by re-leasing its space at higher rents and building out more space on the property, which covers 17 acres.