X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LOMBARD, IL-Hobby Lobby has signed a lease for 60,000 sf, nearly half of the 126,286-sf Roosevelt Plaza, 255 Roosevelt Rd. The term of the lease is at least 10 years, says Mark Blum, COO with Northbrook-based Next Realty LLC, which owns the retail center.

Hobby Lobby will occupy space vacated by Sports Authority and Famous Footwear. The arts and crafts retail chain is currently at nearby Pines Mall and will move into Roosevelt Plaza in February.

David Leathers, with DE Johnson, represented Hobby Lobby in the lease transaction. Tracey Harnisch, director of leasing for Next Realty, represented building ownership in the transaction. The location in Roosevelt Plaza will give Hobby Lobby a “street presence” on Roosevelt Road and pylon signage, Blum says.

Fruitful Yield, which has been a tenant at the retail center since 1997, is also expanding by 10,000 sf, which is more than 50% of its current space. The original lease was for 10 years and the new lease is for a period of at least 10 years, Blum says. The health food store will move into the expanded area in February. Irv Gilner, with Transwestern, represented Fruitful Yield in the lease transaction. Harnisch represented Next Realty.

Other new tenants include Harbor Freight Tools, which will lease 15,000 sf, and Roundhead’s Pizza Parlor, which is leasing 6,000 sf. Both leases are for terms of at least 10 years, he says. The retail center is 91% leased. The asking lease rate is $11 per sf triple net, Blum says. Next Realty will start a facade renovation at Roosevelt Plaza in the spring and will spend money “updating and modernizing the pylon sign,” he says.

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?

Dig Deeper

GlobeSt

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.