A downtown retail and office space was recently sold for a sizable sum.
The Main Street Promenade was purchased for about $88 million by Oak Brook based Retail Properties of America. The 182,000 square foot shopping and business complex was developed by Dwight and Ruth Yackley of Naperville company BBM back in 2003. Since then, it has become a major hub of the downtown shopping scene, with 93 percent of the center leased.
The sale, which went through on January 13th, also includes a 62,000 square foot vacant parcel, which has been approved for future development of mixed-use space.
The Yackleys built the original building for about $40 million.
Naperville News 17’s Kim Pirc reports.