ELGIN, IL-Main Street Commercial Partners, based here, is developing five lifestyle centers in Illinois with a total of more than 1.1 million sf. The value of the projects combined is more than $300 million, says Karen Runge, managing broker for the Chicago office of Inland Real Estate Sales Inc. Oak Brook, IL-based Inland is the sales and leasing agent for the centers. The shopping centers will be located in Yorkville, Orland Park, Mokena and Aurora.

Two centers, called Cobblestone South and Cobblestone North, are planned for the intersection of Route 34 and Eldamain Road in Yorkville. Cobblestone South, located at the southeast corner of the intersection, will have more than 150,000 leaseable sf on 20 acres and Cobblestone North, at the northeast corner of the intersection, will have more than 450,000 leaseable sf on 50 acres. The two centers are part of a booming market in Yorkville with an estimated three million sf of commercial space planned or under development on a two-mile stretch of Route 34 between Cannonball Road and Eldamain Road, Runge says. The developer has not decided asking lease rates yet for Cobblestone South and Cobblestone North. Construction is expected to begin next year on Cobblestone South. There is not a timeline yet for when construction will be completed on the Yorkville centers. Main Street Commercial Partners is also working on the centers in Orland Park, Mokena and Aurora at the same time, she says. “They are in progress at different states of development with all of those sites, and Yorkville is the furthest away from being completed,” Runge says.

Rock Bottom Brewery, which is leasing about 8,100 sf, and Mimi’s Café, which is leasing about 8,300 sf, are already open in the 110,123-sf Main Street Village West, located at 161st Street and LaGrange Road in Orland Park, Runge says. The center will have a total of 89,963 sf of retail space, an additional 16,400 sf of restaurant space and 3,760 sf of office space. Starbucks Coffee has signed a lease for slightly less than 2,000 sf and LA Boxing, an exercise center, has signed a lease for 45,000 sf at the center, she says. About half of the space is already leased in the center. The asking lease rate for the retail space is between $15 per sf and $35 per sf net, she says. Main Street Village West is scheduled to be completed within 90 days.

The Boulevard will be a 168,800 sf center at 191st Street and LaGrange Road in Mokena. The center will have 74,000 sf of retail space, an additional 23,000 sf of restaurant space and 71,000 sf of office space. The developer is working on site improvement now. There are no leases signed yet but there are letters of intent negotiations, Runge says. The asking lease rate for the retail space is between $15 per sf and $25 per sf net. Some of the outlot pads are expected to be ready this fall with construction on the rest of the development beginning next spring.The 287,500-sf Fountain Pointe will be at 75th Street and Ogden Avenue in Aurora near the border between the town and Naperville, IL, Runge says. Fountain Pointe will be the largest of the centers and is expected to be the “most upscale” because of the proximity to Naperville, she says. The center will have 199,800 sf of retail space, an additional 27,850 sf of restaurant space and 59,050 sf of office space. Starbucks has signed a lease for approximately 2,000 sf of space at the center. The asking lease rate for the retail space is between $17 per sf and $35 per sf net, Runge says. Main Street Commercial Partners has not yet broken ground for Fountain Pointe, but is expected to begin construction in the immediate future. Some of the pad sites may be ready by October.

All of the centers are expected to have both national and local retail tenants, such as clothing retailers and possibly entertainment venues, Runge says. All of the centers will also have pad sites for restaurants and banks. “We are hoping to have a real nice mix of restaurants, retail and medium size boxes,” she says. The company is also pursuing a hotel development for the Mokena center, she says.

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