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Inland JV Buys 68 Acres for 600,000-SF Retail Center

AURORA, CO-Inland Real Estate Development, based in Oak Brook, IL, and Chicago-based Daly Group are teaming up to build 600,000-sf power retail center. Known as the Marketplace at Jewell Commons, the center has a completed value of $60 million to $70 million.

By John Rebchook | Updated on January 26, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

AURORA, CO-Oak Brook, IL-based Inland Real Estate Development, LLC and Chicago-based Daly Group purchased and will co-develop a 600,000-sf power shopping center on 68 acres of vacant land next to the E-470 toll road in Northeast Aurora. The center, with a completed value in today’s dollars of $60 million to $70 million, will be called the Marketplace at Jewell Commons. It will be built on the northwest corner of East Jewell Avenue and Gun Club Road.

This marks the largest retail development built by Inland Real Estate Development, a subsidiary of the Inland Real Estate Group of Cos. But Matthew Fiascone, senior vice president of Inland Real Estate Development, tells GlobeSt.com that in the past it typically bought existing centers. “This will be the largest we’ve ever done from the ground up,” he tells GlobeSt.com. He notes that Inland has done quite a few deals with the Daly Group, which brought them to the site.

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