Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Lowe’s has signed a ground lease and plans to open a 140,000-sf store at the Scottsdale Shopping Center, at the southeast corner of Cicero Avenue and 79th Street. The term of the ground lease is 20 years, says Richard Spinell, partner with Mid-America Asset Management Inc., which is the exclusive leasing representative for the shopping center. The lease rate was not disclosed. Spinell represented shopping center owner Katz & Katz Real Estate, based in Northbrook, IL. Lowe’s was represented by Scott Stefanik, with Chicago-based Midwest Real Estate.

About 60% of the 230,000-sf shopping center will be demolished for the construction of the shopping center, which was once the home to Goldblatts. A tax increment finance district was created to facilitate with the redevelopment. About four or five tenants will be relocated for the Lowe’s to be constructed. Relocated tenants include The Avenue and Lee Nails, Spinell says.

Lowe’s plans to open in the shopping center in spring 2008. When Lowe’s opens, the shopping center will be about 98% occupied, Spinell says. Other anchor tenants include Harlem Furniture and Factory Card Outlet. The asking lease rate for small retail space in the shopping center is about $40 per sf, Spinell tells GlobeSt.com.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.