"We liked the demographic, we liked the location and we likedthe tenant mix," Ben Reinberg, founder and president of Deerfield,IL-based Alliance, tells GlobeSt.com. "The center has really goodreal estate, with 360-degrees of residential in the area. We'relocated across from a prominent lifestyle center, and we felt thereturn met our capital."

|

Other tenants include Famous Dave's, Potbelly Sandwich Works,Second Wind Exercise Equipment and Jamba Juice. The center is 81%occupied, with asking lease rates ranging from $25 to $35 persquare foot, net. "It's a brand-new center, so we feel we'll leaseit up fairly quickly," Reinberg says.

|

The center is in the northwest suburban submarket, an areaReinberg says is doing well despite widespread economic hard times."Retail around the country is a little slower, but being in Chicagois advantageous to retail," he says. "There's an opportunity to ownretail as there is more of a downturn in the cycle. We plan onholding this for quite some time."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.