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PLEASANT PRAIRIE, WI-More than 114,000 square feet has been signed in two new leases at the 365,000-square-foot Shoppes at Prairie Ridge, at the southeast corner of Highway 50 and 104th Street. Reportedly valued around $50 million, the 30-acre retail development is expected to complete in spring 2010 and joins a larger 412-acre mixed-use project also including residential and restaurants. New tenants include JC Penney with 104,175 square feet and Ulta with 10,000 square feet, bringing the development to about 91% leased.

“This is one of few new construction developments that has taken off in the past year or two,” says Barb Kading, VP with Mid-America Asset Management, which leases the space. “With the credit markets being so tight, people find it difficult to get into new construction since there’s so little of it. This area between Interstate 94 and Green Bay Road is becoming a good hub for retail, and there’s a lot of new corporations choosing Kenosha.”

She says the retail component of the project is being developed by VK Development, Gershman Brown and Kirkwood Partners. Portions of the development are already open, including a 127,000-square-foot Target, 50,000-square-foot Dick’s Sporting Goods, 20,000-square-foot Petsmart and 5,000-square-foot Maurice’s. The remainder of the development is expected to be fully leased at its completion next spring, with asking lease rates ranging from $22 to $32 per square foot.

“Retail is holding up really well in the Kenosha-Pleasant Prairie market,” Kading tells GlobeSt.com. “One of the benefits of what we did here is that we didn’t develop an excess of small shop retail. The shopping centers that are having trouble are those that are overbuilt for small shop retail.”

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