Retailers Lease More at Burr Ridge Center

The development just opened the second phase of its retail development, adding another 42,000 square feet of space, for a total of 200,000 square feet of retail. Asking lease rates in the center range from $28 to $40 per square foot, gross, says Rolston.

"With the demographics of the Burr Ridge area, it was very well-received initially," Rolston says. "Unfortunately, we hit a little downturn in the retail economy when retailers nationally pulled back the reigns on expansions, and we've had to adjust to that by being more negotiable on terms. However, of the six retail centers in the Opus family, Burr Ridge has the most activity, which is encouraging."

Recent leases included 1,600 square feet to Salon Efthimia, a locally-owned Aveda lifestyle salon, and 5,400 square feet to women's apparel, accessories, beauty, and bedding retailer Soft Surroundings. "Burr Ridge...is the perfect location to expand our brand, because it offers a high-end client base thanks to the onsite condominiums and the surrounding area," said Danny Boddy, retail general manager of Soft Surroundings, in a statement.

The 552,239-square-foot development also includes 196 condominiums, 132 of which are delivered, with the other 64 expected to be complete in the spring. All but 26 of the units delivered, or around 80%, have already sold. The one- to four-bedroom units range from 2,500 square feet to 4,500 square feet in size. Rolston says units have been selling for anywhere from $500,000 to $1.6 million. "Despite the economy and credit crunch, there has still been demand for those, and residential buyers are still closing," Rolston says.

The development also offers 36,000 square feet of office condos. About 85% of that space has been sold for around $195 per square foot. The office condos range in size, but average around 2,500 square feet each, Rolston says.

The development is in the southwest suburbs, which Rolston says is a popular submarket for shopping centers of this nature. "The nice thing about us is we are convenient for the people we serve. It is right off the interstate and we have good accessibility from interstates 294 and 55," he says.

Rolston says the shopping center is strengthened by its mix of national retailers and two restaurants - Topaz Café and Cooper's Hawk Winery & Restaurant - it offers customers. The center is finalizing negotiations for a third restaurant to join its tenant line-up. Other tenants include Aeropostale, Ann Taylor, Ann Taylor LOFT, Banana Republic, Bath & Body Works, Chico's, Claire's, Clarks, Coldwater Creek, Eddie Bauer, Gymboree, J. Jill, Jos. A Bank, the Kohler Store, LensCrafters, Limited Too, Lucy, New York & Co., Starbucks, Sunglass Hut International, Swoozies, Victoria's Secret, White House/Black Market and Yankee Candle.