(For more retail coverage, click GlobeSt.com/RETAIL. To read more on the net lease market, click here.)
CHICAGO-FedEx Kinko's is marking the rollout of its new small-store prototype in Illinois and Northwest Indiana with the signing of nine area leases. The leases add up to 16,000 sf.
FedEx Kinko's is the result of FedEx Corp. acquiring Kinko's in February 2004. Greg Kirsch, principal with Baum Realty Group, who along with colleague Anthony Campagni, represents FedEx Kinko's regionally, says the smaller store concept allows the retailer to gain more points of access. "It is all part of a strategy to be more competitive in a marketplace that has experienced a changing landscape over the last 12 to 18 months," he says.
With consumer spending fueling the Chicagoland market and investor interest remaining high, the Chicago area is showing a supply and demand balance, reports CB Richard Ellis' Q2 retail market study. The lowest vacancy rates in the city for the quarter were in the City North, West and Far North West submarkets, at 3.13%, 3.47% and 4.75%, respectively--where Kinko's recently inked their new small-store concept locations.
In Illinois, the new locations include: 1,984 sf at Kensington Center North in Plainfield; 2,012 sf at Chase Plaza in Westchester; 2,000 sf at Aspen Pointe Shopping Center in Vernon Hills; 2,000 sf at McHenry Town Center East in McHenry; 1,750 sf at Willow Creek Retail Center in Machesney Park; 2,000 sf at 300 N. Randall Rd. in Batavia; 1,750 sf at the Shops of Beverly in Chicago; and 1,350 sf at 200 W. Jackson in Downtown Chicago. In Indiana, the company is leasing 1,800 sf at the Shoppes of Valparaiso in Valparaiso.
Campagni adds that the smaller FedEx Kinko's store prototypes will also provide customers with the same copying, printing, and shipping services available at the older, larger stores. The larger stores range in size from 4,500 sf to 7,500 sf.
In other news, Baum Realty executive vice president Chad Firsel represented both the buyer and seller--two locally based private investors--in the sale of Pebblewood Plaza, a 65,000-sf retail center located at 1550 N. State St., on Route 59 in Naperville. Pebblewood Plaza is currently 65% occupied to restaurants and retailers including Subway Restaurant, Great American Bagel Co., Wendy's Restaurant, Avis Rent-A-Car and Brookdale Music. The property was valued at $7.8 million.
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