Regency Centers Corporation has broken ground on the first phase of Shops on Main—a 147,851-square-foot community shopping center in Schererville, Ind. The shopping center is located at the intersection of two main arterial roads, U.S. Route 41 and Main Street, in the regional retail hub 25 miles southeast of Chicago. The first phase will cost $50 million, and some of anchors are scheduled to open in spring 2014.
“We appreciate the support of the town of Schererville, which is a proven retail market based upon historical sales,” said Nick Wibbenmeyer, vice president and regional officer for Regency Centers. “We’re excited to become an active member of the community by helping to create jobs. Shops on Main will reflect the key attributes that define a Regency center: market-leading anchors, prime location and enjoyable shopping environment.”
Anchored by leading fashion, footwear and home furnishing retailers, the center will include Gordmans (50,079 square feet), Ross Dress for Less (25,069 square feet), HomeGoods (23,969 square feet) and DSW Designer Shoe Warehouse (18,361 square feet).
In other local real estate news, The Chicago Tribune reports Cedar Street Co. has acquired a three-property industrial and retail portfolio in suburban Downers Grove. The portfolio was purchased for $16.2 million and includes Meadowbrook Shopping Center at 63rd & Woodward Downers Grove, University Plaza Mall at 1201-1213 Butterfield Rd., and 1400 Center Circle Drive.
The portfolio was purchased as part of the Qualteq Inc. bankruptcy case. University Plaza Mall and Meadowbrook Shopping Center will be placed on a long-term commercial mortgage-backed securities loan and primed for future development. On the other hand, 1400 Center Circle Drive has a triple net lease from a strong nationally recognized tenant positioned to secure long-term cash flow opportunities.