X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ARLINGTON HEIGHTS, IL-Atlantic Realty Partners has completed its $4-million the Esplanade at Arlington Heights retail center at 2920 W. Euclid Ave. McShane Construction Co. built the 19,000-square-foot development, which is currently about 50% leased. Developers say the project fills a retail void in the area, which has numerous business drivers including the neighboring Arlington Park racetrack, recently renovated Sheraton Chicago Northwest Hotel, and new Coco Key Water Park.

“It was a great site on a high-traffic corner timed to coincide with the redevelopment of the hotel and opening of the water park,” Richard Aaronson, president of Atlantic, tells GlobeSt.com. “We were able to take advantage of a stop-light corner and the advent of the new developments in the area. The contemporary design puts an emphasis on the fact that we’re bringing new product to the market.”

Atlantic has owned the four-acre property since 2007. Originally considered for development of multifamily apartments, the site was eventually determined through collaboration with the village to be best-purposed for retail. HKM Architects + Planners Inc. designed the development, which McShane constructed from a combination of brick veneer, storefront glass and aluminum composite panels.

The development offers an outdoor courtyard area and parking for 105 cars. “Up until this point, the area had been underserved for retail,” Aaronson says. “However, from our standpoint, we’re experiencing a pace of leasing that is different and lower than our expectations because of the economy.”

The single-story property, located close to several local interstates, can house up to 12 retail tenants, with asking lease rates ranging from $26 to $29 per square foot net. Tenants currently signed on at Esplanade include Subway, a local pizzeria, a law firm, nail salon and a Starbucks, whose space includes a drive-thru. The Starbucks has been notably successful in the development, quickly becoming one of the chain’s top grossing stores in the area, according to Mike Winger, project executive for McShane.

“It’s a really unique development in an underserved area in regards to convenience and restaurants,” Winger says. “It’s next to an office park and in a location where there is almost no other retail for miles in either direction, so they have a nice niche in there that is really picking up speed. It definitely has a unique, modern design with distinctive architecture, that has an upscale retail appearance that really pops.”

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?

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.