Burr Ridge Village Center Sells For Big Gain: Publication

BURR RIDGE, IL – The owners of the Burr Ridge Village Center sold the shopping complex for a big gain earlier this year, a business publication reported last week.

The Real Deal said the transaction was quietly completed over the summer for $55 million.

Ramzi Hassan's Edwards Realty and Adam Firsel's Core Acquisitions bought the shopping center development for $15 million in 2019.

The new owner is Chicago-based investor David L. Husman's Heartland Real Estate Partners, The Real Deal said.

In 2019, Core and Edwards announced their purchase. It said the $15 million price was a fraction of the $85 million that Minneapolis-based Opus Group spent to develop the 200,000-square-foot retail property in 2007, according to the investors' news release.

The news release said brick-and-mortar retailers were struggling against the rise of online shopping, so real estate investors had grown wary of the sector, making it a tough time to sell.

"When people are running from these things, we’re running to them," Hassan said in the release.

In 2021, Hassan and County Line Square's owner persuaded the Village Board to enact a 1 percent sales tax for a business district that includes the two shopping complexes. The tax money was to be invested in improvements at the centers.

In 2024, Village Center launched what it called an "entertainment district." Local officials have long referred to the shopping complex as the village's "downtown" because Burr Ridge lacks a traditional one.

According to a news release on the entertainment district, it features a pedestrian-friendly outdoor area by Hampton Social, Pella Signature, BullsEye Axe Lounge, Kohler Waters Spa and Bar Poca Madre, among others.

A woman answering the phone at Edwards Realty on Monday said the firm is still the property manager for the Village Center.