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August 5, 2010

Kennedy buys $69M shopping center

On behalf of Multi-Employer Property Trust, Seattle-based Kennedy Associates bought the 230,000-sqaure-foot Springbrook Prairie Pavilion shopping center in Naperville, Ill., for $69 million from the Bond Cos. It is the first LEED gold retail property in the Chicago area. The center is 96 percent leased. Anchors are Whole Foods, Nordstrom Rack and Cost Plus World Market. Kennedy has more than $2 billion in LEED-certified assets under management. MEPT is a real estate equity fund that buys institutional-quality U.S. real estate. MEPT has more than $3.78 billion in net assets.




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