Federal Realty Investment Trust acquired Riverpoint Center in Chicago's Lincoln Park neighborhood through an off-market transaction for $107 million in cash.

"This investment capitalizes on the continued trend toward urbanization in our existing markets," CFO and Treasurer Dan Guglielmone said in a release.

The 211,000-square-foot shopping center, which has surface parking and is on 17 acres of land, is 97% occupied. It is anchored by Jewel-Osco, Marshalls and Old Navy.