Firsel says the owner developed the center in 2005, buildinghalf of the space as new construction and renovating an existingbuilding. "They just decided to liquidate it," Firsel tellsGlobeSt.com. "They went with Inland for surety of closing. It wasreally a good deal for them and they made substantial profits."
The area has about a 9% vacancy rate, according to Firsel.Asking lease rates in the shopping center range from $19 to $30 perfoot, net, Firsel says. "Inland was interested in it because it wasnew construction and core product with a phenomenal tenant lineup,"Firsel says. "It's in more of an insular location. There's ahospital there with 2,800 employees that drives a lot of thedaytime traffic to a lot of these retailers."
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