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NEW LENOX, IL-McVickers Development LLC, based in Hoffman Estates, is planning a 450,000-sf retail center here on Lincoln Highway at Williams Street. McVickers recently acquired a 71-acre parcel from a private individual that lives in New Lenox, says Matthew Silvers, managing broker and principal of Next Realty Midwest LLC, which represented McVickers in the land sale transaction. The price to acquire the land was reportedly $18.9 million.

The retail center will be anchored by a 150,000-sf Menards and a 203,000-sf Wal-Mart Supercenter, says Jeff Middlebrook, VP with McVickers. Menards and Wal-Mart will each own the parcels for the stores. Wal-Mart reportedly acquired a 32.4-acre parcel on the site for $7 million and Menards reportedly acquired a 17.3-acre parcel for nearly $5.5 million.

Besides Wal-Mart and Menards, the retail center will have approximately 85,000 sf of inline space and 11 out-lot parcels, Middlebrook says. He says he cannot disclose tenants. “It is too early to discuss leases. We are in discussions with a number of tenants,” he says.However, the company includes possible tenants on a site plan drawing on its website. Tenants are expected to include fashion, office supply and pet supply retailers with banks, restaurants and automotive supply retailers on the outlots. Retailers appear to include Petco, Staples, Aldi, Dunkin’ Donuts, Verizon, Lee Nails, Hair Cuttery and Starbucks Coffee, according to the marketing materials by McVickers. Construction is expected to begin this summer with retailers opening in the late spring or early summer of 2009, Middlebrook says.

The site is located on Lincoln Highway and is at the end of the recently completed extension of Interstate 355. “It is prime real estate on the main drag running through New Lenox,” Silvers says. There are 20,000 cars passing the site on Lincoln Highway daily. “It is a piece of property that has ripened [and] that is ready for retail development,” Silvers says.

Still, the property had been on the market for more than five years. “There are some low-grade wetlands on the property that are going to be mitigated as a part of the development,” Middlebrook says.

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