Phillips Edison & Company paid approximately $53 million for Rice Lake Square, the grocery-anchored shopping center at Butterfield and Naperville Roads that serves as a retail hub for Wheaton shoppers.
The sale, first reported by The Real Deal on Oct. 20, marks a significant gain for seller Core Acquisitions. The Deerfield-based firm bought Rice Lake Square in 2024 for about $34 million, then renovated the center and signed several new tenants before selling for roughly $19 million more.
The center is 98.2 percent occupied.
Cincinnati-based Phillips Edison specializes in grocery-anchored retail centers. It inherits a property anchored by Pete's Fresh Market on a long-term lease, according to data from Commercial Property Executive citing Yardi Matrix. Other tenants include PetSmart, Massage Envy, Pure Barre, Potbelly, Taco Bell and 7Brew. Core Acquisitions added LYFE Kitchen, Rest Recovery Wellness and Sculpted by Lagree during its ownership, The Real Deal reported.
Mid-America Real Estate Corporation's investment sales group brokered the deal. Principals Rick Drogosz and Joe Girardi and senior associate Patrick Corrigan served as listing brokers for Core Acquisitions, according to REJournals.
The center sits at one of the busiest intersections in the western suburbs. The Butterfield and Naperville Roads crossing carries 51,000 vehicles per day, REJournals reported, serving Wheaton, Glen Ellyn, Naperville and Downers Grove.
Sources differ on the center's exact size. REJournals and Commercial Property Executive put it at 244,924 square feet, while The Real Deal reported 252,000 square feet. At either figure, the sale price works out to roughly $210 per square foot.
The deal lands as Wheaton's real estate market draws national attention. Realtor.com recently ranked Wheaton the 10th hottest zip code in the country for homebuyers, The Real Deal reported. Within three miles of Rice Lake Square, average household incomes reach $164,400 and median home values stand at $474,800, according to REJournals. It is not clear how much Core Acquisitions spent on renovations before the sale.
