RREEF Property Trust Inc. (NASDAQ: ZRPTAX; ZRPTIX; ZRPTTX), a publicly registered daily NAV REIT, has purchased a grocery-anchored retail plaza located in Chicago, Illinois for nearly $28.4 million, excluding closing costs.
Elston Plaza is located in the Avondale neighborhood of Chicago and is anchored by Jewel-Osco and includes a mix of national and local retailers. The property is comprised of two multi-tenant retail buildings containing nearly 88,000 square feet with a total of 10 tenants and a freestanding building containing 4,860 square feet ground-leased to one tenant.
RREEF Property Trust employs a blended investment strategy that includes commercial real estate, publicly-traded real estate securities, real estate-related debt and cash and cash equivalents. The company focuses primarily on U.S. commercial real estate assets selected from the industrial, retail, office, and multifamily sectors.
The company’s initial public offering was declared effective by the SEC in January 2013 and had raised approximately $161 million as of the third quarter of 2018, according to Summit Investment Research. The company’s portfolio is comprised of 11 properties purchased for $209.3 million.