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April 26, 2007
DLC Buys 67,000-SF Center Near Top Mall
By Gina Kenny
OAK BROOK, IL-DLC Management Corp., headquartered in Tarrytown, NY, has purchased the Oaks of
Oak Brook, a shopping center at the northwest corner of State Route 83 and 16th Street. Adam Ifshin,
president of DLC, said he could not disclose the sales price, cap rate or seller except to say that the
purchaser was an institution. The property was offered “free and clear of any mortgage indebtedness,”
according to materials from Mid-America Group, which marketed the property, and confirmed by Ifshin.
The 67,143-sf shopping center is located across from the Oakbrook Center, the largest upscale open-
air mall in the country. The 2007 projected net operating income of Oaks is more than $1.18 million
and the 2008 stabilized net operating income is nearly $1.36 million, according to Mid-American
marketing materials for the shopping center.
Donald Shapiro, president of Foresite Realty Partners, says that the shopping center “could easily have
a cap rate of between 6% and 6.5%, maybe 6.5% and 7%.” Shapiro’s estimates put the sales price at
between $15.1 million and nearly $16.8 million. “I would be shocked if the price is not somewhere
between $225 and $250 per sf,” he tells GlobeSt.com.
The shopping center was developed in 1989 on 5.24 acres of land. Renovations will include replacing
the roof and new pylons and signage in addition to renovations that will be for individual new tenants,
Ifshin says. “We see this as a value-add opportunity. The center is roughly 30% vacant and we see it
as a repositioning play, a value-add and a lease-up opportunity,” Ifshin says.
Tweeter is the largest tenant, leasing about 24% of the space and has a lease until February 2016,
Ifshin confirmed. Panera Bread is another anchor for the center and recently signed a 10-year lease
until 2017. Other ten