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SCHAUMBURG, IL-Fresh off opening its second retail center in a previously underserved Lake County submarket, Developers Diversified Realty Corp. is renovating a center here that it has a 20% interest in. The Beachwood, OH-based retail REIT is spending $1.9 million at Woodfield Village Green here and in Lebanon, OH.

The 2.5-million-sf Woodfield Village Green is at 1430 E. Golf Rd., across the street from Woodfield Shopping Center and in a retail and office area that includes some of the most valuable real estate outside of the Chicago Central Business District. Anchored by such tenants as Circuit City and Service Merchandise, the center is 99% leased with an average base rent of $14.75 per sf.

Meanwhile, average base rent is nearly double at the fully-occupied Deer Park Town Center in that northwest suburb across the county line, at $27.47 per sf. Developers Diversified Realty owns about one-quarter of the 900,000-sf lifestyle center. It is across Rand Road from a recently-opened center in the neighboring affluent bedroom community of Kildeer, which already is 95% lease with such tenants as Bed, Bath & Beyond, Cost Plus, Circuit City, Old Navy and Starbucks.

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