Venture Pays $62M for NorthPoint Center, Arlington Heights, IL

Arlington Heights, IL, November 22, 2006 --(PR.com)-- AmCap, Incorporated and Hart Realty Advisers, Inc. announce the purchase of NorthPoint Center, a 275,000-square-foot retail center located in Arlington Heights, Illinois. The shopping center is anchored by Jewel-Osco, Old Navy, Office Depot and Ulta. Immediate plans are in place for construction of a new Circuit City building to coincide with a multimillion dollar Jewel-Osco renovation. More than 30 other national, regional and local tenants complete the Center.

Situated at the primary arterial intersections of Rand, Arlington Heights and Palatine Roads, the property has been a primary shopping resource since opening in 1968. Arlington Heights is 25 miles from downtown Chicago in Chicago’s desirable northwest suburban corridor. 

Commenting on the purchase, Jake Bisenius, Director of Acquisitions for AmCap stated, “The property fits with our philosophy of purchasing core assets with upside potential, in solid, highly trafficked infill neighborhoods. The Center is located along the main shopping thoroughfare within Arlington Heights, at the intersection of three main roads having a combined vehicle per day traffic count of 151,800 vehicles. The neighborhood is in a very good dense infill area with 143,000 people living within three miles of the center and have a strong average household income of $95,000 per year.”

Buyer, AmCap NorthPoint L.L.C. is a joint venture of AmCap and Hart Realty Advisers on behalf of an institutional partner. The $62.8 million purchase of NorthPoint Center represents the sixth transaction in less than twenty-four months of a $450 million acquisition program. NorthPoint Center was sold by an affiliate of Joseph Freed and Associates of Palatine, IL.

Founded in 1979, AmCap, Incorporated is a national commercial real estate investor. The company buys, owns and operates prime grocery-anchored retail centers, power centers and lifestyle centers in select high-density markets. The Stamford, CT based company continues to target investment areas which include the Northeast, the Rocky Mountains, Midwest, Southeast and Mid-Atlantic regions of the U.S. plus parts of Arizona.

Hart Realty Advisers, Inc. is a closely held real estate investment manager specializing in private equity core and value-added solutions. The firm provides customized investments for its institutional clients so their unique risk and diversification requirements are best matched with opportunities in the marketplace. Hart Realty Advisers is located in Simsbury, CT.

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