America’s Realty, a shopping center acquisition firm based in Maryland, recently acquired the Otter Creek Shopping Center in Elgin, Illinois for $18.8 million. This marks their entry into the Chicago-area market as reported by Crain’s. With over 400 retail properties across 29 states and a focus on centers with discount retailers, America’s Realty is an established player in the eastern U.S.
According to CEO Carl Verstandig, what attracted them to this particular center was its “blue collar” appeal and its ability to serve the community’s daily needs which makes it recession-proof. The shopping center boasts of major tenants such as Target, Burlington, Hobby Lobby,Big Lots and Party City.
The seller of Otter Creek Shopping Center was an entity managed by Kostas Cios,a Chicago attorney,and Michael Aktipis,the son of late Oak Brook developer Stelios Aktipis.The transaction does not only represent America’s Realty’s expansion but also highlights their expertise in acquiring profitable properties like this one.
