Retail Properties of America has sold its stake in the Darien Towne Centre shopping center for $22.3 million to a Phoenix-based trust.
Oak Brook-based Retail Properties sold its part of the center after spending $1.25 million to keep Home Depot Inc. from moving out, ChicagoRealEstateDaily.com reports.
The shopping center, anchored by a Walmart store, was sold to Cole Credit Property Trust IV Inc.
Cole bought the property because of its “strong, necessity-based anchor tenants,” a spokesman said. The shopping center includes a PetSmart, O’Reilly auto parts and a TGI Friday’s.
