WESTCHESTER, IL-Locally-based Tri-Land Properties Inc. iskeeping busy during this downturn, having invested before the fallin about a dozen retail redevelopment properties that haveturnaround potential. These infill sites, the company says, are indemographic areas where residential has kept up, such as the firm’srecent start on redoing the 183,000-square-foot Brywood Centre inKansas City, MO.

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Richard Dube, president and owner of the company, tellsGlobeSt.com that his firm didn’t chase new growth areas in theearly part of the decade. This strategy paid off, he says. “Wedon’t need new rooftops to make our centers effective,” Dube says.“Those people who own land in the Kansas City area that is south ofthe beltways of interstates 35 and 435, where all the heavy growthwas occurring, they don’t have enough houses now that couldgenerate sales. And there certainly won’t be any new residentialdevelopment anytime soon.”

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His company is working on various phases of half a dozenprojects, including Brywood and Cherokee Hills Shopping Center inOverland Park, KS, at 95th Street and Antioch Road. Dube says hisfirm will finish next month with a $23 million redevelopment on the133,000-square-foot power center.

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The center now has updated tenants, which include Walgreens, aPaul Mitchell School, Hallmark and H&R Block. “Before westarted, we had tenants that were a throw-back from 25 years ago,such as a vacuum repair store. They were hanging on, as long asthey paid very little rent, they were happy to stay there,” Dubesays. “We were able to attract restaurants and service retail withthe repositioning.”

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Brywood will include a recently renovated Price Choppersupermarket and a 12,000-square-foot Dollar Tree. The city helpedout with a $10 million TIF and Community Investment Districtdesignation.

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Other projects include the redevelopment of a former Kmartlocation into an 85,000-square-foot Hy-Vee supermarket in BlueSprings, MO, a center in Smyrna, GA that will include a90,000-square-foot Kroger market and another 60,000 square feet ofstores, an two separate sites near Minneapolis where the Tri-Landwill downsize Cub supermarkets to 60,000 square feet. “We stoppedbuying sites after 2006, but we may start looking to buy again inJune 2011.”

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Tri-Land Properties owns or manages roughly 2.8 million squarefeet of retail space throughout the country. The company focuses onthe Midwest, Mid-Atlantic and Southeast; and owns properties thatrange from 100,000 square feet to 750,000 square feet.

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