Phillips Edison Purchases Rice Lake Square for $53 Million

The 252,000-square-foot shopping center in Wheaton was sold by Core Acquisitions after significant renovations.

Updated on Oct. 20, 2026 in Commercial

Isometric editorial illustration of a modern suburban retail shopping plaza featuring clean, geometric architectural volumes in muted teal and mustard tones. — Phillips Edison purchased the Rice Lake Square shopping center in Wheaton, Illinois, for $53 million following significant renovations by Core Acquisitions. AI Illustration. Upload story photo >

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Phillips Edison has acquired the Rice Lake Square shopping center in Wheaton for $53 million. This transaction follows a period of upgrades by the previous owner, Core Acquisitions, which bought the property for $34 million in 2024.

Why it matters

The investment reflects growing regional confidence in suburban retail demand driven by an influx of new residents. Investors are increasingly targeting the Chicago suburbs as the area experiences rising interest from homebuyers and renters.

The property spans 252,000 square feet, resulting in a sale price of approximately $210 per square foot. Suburban Chicago multifamily sales volume grew by more than 67 percent during the first two quarters of 2026.

The players

Phillips Edison

Phillips Edison is a real estate investment trust that focuses on owning and operating grocery-anchored neighborhood shopping centers.

Core Acquisitions

Core Acquisitions is a private real estate investment firm that specializes in the acquisition, management, and renovation of commercial properties.

Old National Bank

Old National Bank is a financial institution that provides commercial lending services for property developers and investors.

The details

Core Acquisitions modernized the shopping center, securing new tenants such as 7 Brew Coffee, Sculpted by Lagree, Rest Recovery Wellness, and LYFE Kitchen. The property was previously supported by a $29.5 million loan package from Old National Bank.

Core Acquisitions purchased the property in 2024.
New tenants were announced for the center in spring 2026.
Suburban multifamily sales volume rose during the first half of 2026.
Phillips Edison closed on the property in October 2026.

Culture Shift

The acquisition follows the pattern set by the Realtor.com hottest zip code ranking by highlighting the localized retail investment appeal of Wheaton. This underscores a broader shift as suburban commercial hubs pivot to accommodate the demographic influx seen in recent years.

Shoppers in the area will likely see a refreshed retail mix as the new ownership integrates the latest tenant arrivals. These updates may shift local routines by introducing new dining and wellness options to the shopping center.

The takeaway

Retail investors are betting heavily on the sustained growth of suburban hubs that attract new residents. Local shoppers should watch for further tenant diversification as the center continues its transformation.