News
NEW LIFE FOR JOLIET CROSSINGS
March 31, 2011
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| A few different shopping center concepts have been in place at the north end of the I-59 retail corridor in Joliet. And the area still has potential for a great grocery-anchored community shopping center, which could become a major attraction for families in the community, Newmark Knight Frank's Jim Schutter tells us. Newmark was named the exclusive leasing agent on the $50M property when it was refinanced by New York retail guru Arthur G. Cohen last week. Cohen and Ardmin Properties now own the site, which is home to a 45k SF LA Fitness. It also has room for about 305k SF more of retail and entertainment, Jim says. | |
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| The 37-acre sight has also been called Bronks Corners and was originally slated as an outdoor mall. Now, Jim's looking to lease the remaining space to an upscale or natural grocer, a movie theater, and national restaurants. The site may also have room for upper floor medical office space. Jim says leasing should be a several-year project, but the new refinancing has made it a more viable location than ever for a retailer to get into the Joliet submarket. |
