N
assimi Realty has made a savvy purchase in the Chicago market, acquiring the 100,000-square-foot Joffco Square shopping center in the South Loop for $9.25 million. The property, anchored by Best Buy, was previously valued at $27 million when it was part of DRA Advisors' Midwest retail empire. This sale marks a significant discount from the $24 million the property fetched in 2011.

    The purchase is part of DRA's ongoing effort to sell off pieces of its $540 million Midwest retail portfolio, which has been concentrated in Chicago for over a year. The company acquired this portfolio through its 2015 acquisition of Inland Real Estate Corporation REIT for $2.3 billion. Nassimi Realty has previously bought two other properties from DRA's portfolio, including the Four Flaggs shopping center in Niles and the Lake Plaza shopping center in Waukegan.

    The Joffco property is being marketed for lease by CBRE, with a second-floor space of over 27,000 square feet available now. However, a spokesperson for Nassimi indicated that Joann Fabrics, currently occupying part of this space, has no plans to move out. The discount on the purchase price may have been offered due to the leasing and construction costs required to refill the property.

    This sale is the third Chicagoland purchase made by Nassimi Realty from Northbrook-based Pine Tree, which manages Chicago-area retail properties on behalf of DRA. Nassimi has shifted its focus to the Midwest after previously concentrating on retail in the Northeast.