ALGONQUIN, IL-Wickes Furniture is the latest retailer to take a large block of space in the Algonquin Commons lifestyle and big box center. The furniture retailer has signed a 15-year, 37,329-sf lease with Jeffrey R. Anderson Real Estate, developer of the 650,000-sf center that now is about 85% leased.
Although terms were not disclosed, the remaining 95,000 sf at the center at Randall Road and County Line roads is being marketed at $18 per sf and up. That would put the value of the deal in the neighborhood of $10 million.
"Algonquin Commons' location will provide Wickes with the perfect platform to meet its client base," says CB Richard Ellis first vice president Joe Parrott. CB Richard Ellis' demographics suggest the five-mile trade area is expected to grow by 15% by 2007, with the median household income already estimated at $76,346.
Circuit City is among the big-box retailers already committed to the center, where 95% of the lifestyle space already is leased to tenants such as Pottery Barn, Talbots, Joseph A Bank, Coldwater Creek, Hollister, Bombay, Abercrombie & Fitch, Victoria's Secret and the Sharper Image. Galyan's, Old Navy, DSW Shoes and Borders also are among the retailers in the first phase of the development.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.