Barrington, Ill. — The plaza fits developer’s core strategy to ‘purchase value-added properties that require re-tenanting or other improvements.’
Barrington, Ill. — GK Development Inc. has acquired Yorkshire Plaza, a 362,000-square-foot power center in Aurora, Ill., for $20.5 million. The seller was Yorkshire Plaza, LLC, an entity owned in part by Kimco Realty Corporation.
Major tenants include Best Buy, Value City Furniture, Golfsmith, Pier 1 and the Fox and Hound sports bar. The center is roughly 70 percent leased.
The acquisition marks the company’s first significant purchase since 2006. “The market has eased somewhat and lending has opened up, affording us an opportunity to add this center to our portfolio,” said Garo Kholamian, president of GK Development, Inc. Between 2004 and 2006 the company added 3.9 million square feet to its portfolio, including 10 shopping centers located throughout the Midwest, northwest and south central states.
Yorkshire Plaza was built in 1986 on a 34.73 acre site.