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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.

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