VOLO, IL-A partnership between Orput Cos. Inc., headquartered in Rockford, IL; Oakbrook Terrace, IL-based Mid-America Asset Management In. and Irving, TX-based Archon Group LP has acquired 90 acres here at the southeast corner of State Route 120 and N. US Highway 12. The partnership plans to develop a 725,000-sf regional open air center to be called Volo Village Marketplace, which is expected to cost more than $100 million, according to a released statement from the partnership. Representatives from the partnership were not available for comment.

“Volo is experiencing and explosion of new residential development that is projected to double the population in four years, but there are no retail centers yet to serve the increasing demand,” said Greg Orput, director of development for his company, said in a statement.

The project, which will have approximately 475,000 of inline and out-lot spaces in addition to major anchors. The first phase of the development will have more than 400,000 sf. Construction will begin next spring with completion of the first phase expected in 2009. A “major discount department store” is currently in lease negotiations with the partnership to anchor the first phase of the development, with a home improvement store in negotiations to anchor the second phase, according to the released statement. Richard Spinnell, Barb Kading and Jaime Platt, with Mid America, are handling the leasing of the center. The project is expected to create approximately 750 jobs, according to the released statement.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


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 © 2024 ALM Global, LLC. All Rights Reserved.