Developers Getting Chances to Redo Older Malls

The 310,000-square-foot Prairie View Plaza Shopping Center in Morton Grove, IL, now looks old-fashioned, and needs to be redeveloped.

CHICAGO—Most experts agree that many areas of the US are over-retailed, and it’s going to take a lot of work to reconfigure these outdated properties. Oak Brook, IL-based Kensington Development Partners, along with its partner IM Properties, is about to launch one such effort in the Chicago suburb of Morton Grove. The partners just completed the acquisition of the town’s 310,000-square-foot Prairie View Plaza Shopping Center and plan to complete a long-delayed repositioning and redevelopment of the 26-acre property.

The sale price for the property, 6763 Dempster St., was not disclosed, but Cook County property records show Kensington paid $11.3 million. The seller, which was represented by Edgemark Properties, was Canadian-based Federal Construction, Inc.