"We have acquired the property to do some physical improvements and additional leasing, with the goal of improving the asset for long-term ownership," says company president Richard Tucker. "We believe the expertise that we can bring to the table--with respect to both management and leasing - can lead to a more valuable asset."
The mall, which is located at Interstate 69 and Center Road, is anchored by JCPenney, Mervyn's and Old Navy, and is about 80% leased. Tucker said his company plans to reconstruct the parking lot and complete a variety of cosmetic improvements to the asset.
Current leases will not be affected by the mall's ownership change, according to Tucker vice president Fred Heichman. We will work to improve the positions of the current tenants and the overall asset by bringing in additional retailers," he states.
The Courtland Center purchase is part of a flurry of transaction and development activity at the firm. The company closed last week on its purchase of a land parcel in Highland Park, IL, where it plans to build a 65,000-square-foot mixed-use development called Central Parkway. The development in the suburb north of Chicago will include retail and office space.
In a separate deal, Tucker and JV partner Joseph Freed & Associates LLC are negotiating with the city council of Des Plaines, IL, a western suburb of Chicago, to revamp the city's central business district. The partnership proposes a 300,000-sf mixed-use development that would include commercial, residential and retail components.
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