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Local Business

Inland buys Geneva’s Randall Square center

ST. CHARLES – Inland Real Estate bought Randall Square Shopping Center, 1460-1596 S. Randall Road, Geneva, as part of a purchase of 13 shopping centers, company officials in Oak Brook said.

Inland’s purchase was a $121 million cash buyout of a pension fund partner, the New York State Teachers’ Retirement System, for 2.3 million square feet of gross leasable space, officials said in a statement. Randall Square, which is 216,485 square feet, houses Marshall’s, Bed, Bath and Beyond, PetSmart, Michael’s, Party City and Old Navy.

The opportunity to acquire the pension fund’s interest advances the company’s strategic goals to increase the size and quality of its consolidated portfolio, simplify ownership structure and strengthen its balance sheet, Mark Zalatoris, president and chief executive officer, said in the statement.

Radco completes purchase of Covington Court

Geneva-based ShoDeen sold its apartment complex Covington Court in St. Charles to an Atlanta company for $19.2 million, officials said.

Radco Companies, a real estate development and investment company, will rename the 226-unit apartment complex Ashford at St. Charles. Radco bought another ShoDeen apartment complex, Brittany Court, 390 Brittany Court, Geneva, in February for about $27 million, Radco owner Norman Radow said.

Radow said the company owns about 4,000 apartments in Illinois, Georgia and Indiana.

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