CHICAGO-Lowe’s has purchased an 11.5-acre parcel at the Chatham Market, a 50-acre site being developed into a 420,000-sf power center by a joint venture of Archon Group LP and Monroe Investment Partners LLC, based here. The sales price was not disclosed. Lowe’s will construct a 117,000-sf store and will be one of the anchors of the development.

The area was the site of a former steel plant and is near the Dan Ryan Expressway. As part of the development, a four-lane road will be constructed that will connect 83rd Street to 87th Street, according to a company statement. The Lowe’s will have frontage on the newly constructed street, called Holland Road. Curt Bailey, director of retail investments at the Chicago regional office of Archon, did not return a phone call for comment.

The first phase of the development is expected to open at the beginning of the fourth quarter. The power center, which will have an additional anchor tenant besides Lowe’s, will have retailers from 15,000 sf to 45,000 sf. There will also be ground leases for six pad sites. Archon’s Chicago office and Tartan Realty are coordinating the leasing of Chatham Market. Doug Reichl with Tartan Realty represented Lowe’s.

The Lowe’s will be the second in the city of Chicago and the 21st location in the greater Chicago metropolitan area. Lowe’s plans to open 150 to 160 stores this year, in line with the 155 that opened in 2006. The retailer will also enter Canada during this year’s second half, and executives have said the 1,385-unit chain still has the potential for 2,000 domestic stores.

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