Devon Bank has signed a 25-year lease for 8,000 sf for afull-service bank branch. The bank is scheduled to open in themiddle of next year. Keith Isselhardt, with Sierra Realty Advisors,represented Freedom Commons in the lease transaction. LindsayScherr, with Coldwell Banker Commercial, represented Devon Bank inthe transaction.

More than 25% of the development's 42,000 sf of retail space hasbeen pre-leased with another 25% of the space in letters of intentnegotiations. LA Fitness is leasing 45,000 sf and is expected toopen in the middle of December, Krug says. Maggiano's Little Italyand Morton's Steakhouse are expected to open in January and amulti-tenant building is expected to open in February. Othertenants will include Fidelity Funds and a multitude of restaurantsand food establishments such as The White Chocolate Grill, ChamppsAmericana, Jason's Deli, Subway and Taco Fresco. The majority ofthe leases have terms of "15 years or more," Krug says. The jointventure is currently in lease negotiations with "a couple ofmedical spa" businesses that do "non-invasive" procedures, a hairsalon and a tanning salon, he says. The asking lease rate is $32per sf net.

The joint venture acquired a 15-acre parcel on the western sideof the development in 2004 and a 10-acre parcel in 2006. The jointventure was interested in the land, in part, because constructionis underway for an interchange for Freedom Boulevard for I-88 andis expected to be completed later this year. "It was a very uniqueopportunity where you are buying 25 acres of raw land right on aninterstate interchange in an area that is already pretty much fullydeveloped," Krug says. The site was originally zoned for officeresearch by the city of Naperville, but there was no retail orrestaurants in the area without driving about 20 minutes todowntown Naperville. "We thought, with the new interchange, therereally would be a big need and a big demand for retail," hesays.