American Realty Advisors Acquires Yorkville Marketplace.GLENDALE, Calif. -- American Realty Advisors announced today the acquisition of Yorkville Marketplace, a premier 93,654 square foot grocery anchored retail center located in Yorkville, Illinois Yorkville is a city in Kendall County, Illinois, United States. The population was 6,189 at the 2000 census, and estimated to be 10,791 as of 2005. It is the county seat of Kendall CountyGR6. . The property is anchored by a Jewel-Osco grocery store, the dominant grocer in metropolitan Chicago, and enjoys an impressive tenant roster including Panera Bread Panera Bread (NASDAQ: PNRA), is a chain of bakery café restaurants in the United States, specializing in serving specialty breads, sandwiches, soups, bakery items, and in select cafés, pizzas and organic potato chips. Corporate history In 1993, Au Bon Pain Co. , Hallmark, Quizno's, and GNC GNC General Nutrition Centers GNC Gas Natural Comprimido (Argentina) GNC Guidance, Navigation, and Control GNC Grand National Championship (ATV racing) GNC Global Navigation Chart . The property was acquired on behalf of one of American's separate account clients. This transaction was completed through a joint venture with Tucker Development Corporation, one of Chicago's most respected specialists in shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into and mixed-use development Mixed-use development refers to the practice of allowing more than one type of use in a building or set of buildings. In planning zone terms, this can mean some combination of residential, commercial, industrial, office, institutional, or other land uses. . Affiliates of Tucker will continue to provide property management and leasing services for the property on behalf of the new venture. Yorkville Marketplace enjoys exceptional access and visibility at the corner of SR-47 and US-34, the dominant local retail intersection. In addition, the surrounding area demonstrates strong demographic and growth trends that will contribute to the project's long-term success. The first phase of this Class-A retail center was completed in 2002. The second phase, consisting of an additional 46,000 square feet of retail space, is projected for completion in 2007. American's President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Stanley Iezman commented: "This partnership demonstrates American's ability to leverage its relationships with top-tier developers in order to identify, acquire, and develop premier properties in high growth trade areas throughout the United States. The acquisition of Yorkville Marketplace, a dominant retail center with additional development rights, provides the dual benefits of stable cash flow and enhanced yield for our client." American Realty Advisors is a leading provider of institutional real estate investment management services including acquisition, disposition, development, structured finance, and active asset management. With $1.8 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. , American has created customized investment strategies for public employee and corporate pension funds, endowments, foundations, and Taft-Hartley funds for over 15 years. The firm's nationwide portfolios include office, industrial, multi-family, and retail properties. American can be found online at www.americanreal.com. |
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