The 70,000-sf Marsh Supermarket is expected to open later this summer, while construction on the remaining 100,000 sf of retail space will begin shortly thereafter. It is Kite Realty Group's second development project this year, along with the $20-million Tarpon Springs Plaza in Naples, FL.
"The Naperville area is a particularly affluent community that has been experiencing rapid growth in recent years," says president and chief executive officer John A. Kite. Average household income in Naperville is above $115,000, and the three-mile trade area grew 23% in the past five years.
Earlier this year, Kite Realty Group paid $18.3 million for Fox Lake Crossing in that northwest suburb, which included the existing 99,100-sf retail center and adjacent 16 acres. It also owns a 132,725-sf center in South Elgin.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
