NEW YORK--(BUSINESS WIRE)--DWS Group announced today that RREEF Property Trust, Inc. (NASDAQ: ZRPTAX; ZRPTIX; ZRPTTX), its publicly registered, daily NAV REIT, has acquired Elston Plaza, an urban grocery-anchored shopping center in Chicago. The property is anchored by one of the metro area’s leading grocers, Jewel-Osco, and is strategically located at the confluence of three of Chicago’s busiest thoroughfares: Addison, Elston & Kedzie. The acquisition further diversifies RREEF Property Trust’s private real estate holdings based on sector, geography and tenant base.
The property, built in 1983, totals 92,806 rentable square feet and is currently 96% leased to 11 tenants. Jewel-Osco is complemented by a mix of service, medical, and dining tenants including Chase Bank, Chipotle Mexican Grill, O’Reilly Auto Parts and ATI Physical Therapy. Located in the Avondale neighborhood, the shopping center sits east of the I-90/94 Addison entrance and 3 miles west of Chicago’s Wrigley Field.
“While e-commerce is growing rapidly, well-located necessity based brick-and-mortar sales are also expanding. Centers like Elston Plaza drive consumer traffic by meeting area residents’ daily service and dining needs and have historically been cyclically defensive given the lease structures and merchandizing mix,” said Todd Henderson, Head of Real Estate, Americas, for DWS. “We believe that grocery-anchored shopping centers have an important place in a portfolio and view the acquisition of Elston Plaza as a complementary addition to RREEF Property Trust’s growing portfolio of assets.”
To learn more about RREEF Property Trust, please visit: https://www.rreefpropertytrust.com/
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DWS Group
DWS Group GmbH & Co. KGaA (DWS) is one of the world's leading asset managers with USD 803bn of assets under management (as of 30 September 2018). Building on more than 60 years of experience and a reputation for excellence in Germany and across Europe, DWS aims to be recognized by clients globally as a trusted source for integrated investment solutions, stability and innovation across a full spectrum of investment disciplines.
We offer individuals and institutions access to our strong investment capabilities across all major asset classes and solutions aligned to growth trends. Our diverse expertise in Active, Passive and Alternatives asset management – as well as our deep environmental, social and governance focus – complement each other when creating targeted solutions for our clients. Our expertise and on-the-ground-knowledge of our economists, research analysts and investment professionals are brought together in one consistent global CIO View, which guides our strategic investment approach.
DWS wants to innovate and shape the future of investing: with approximately 3,600 employees in offices all over the world, we are local while being one global team.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although RREEF Property Trust believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. RREEF Property Trust undertakes no obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in the company's expectations.
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