In the coming weeks, construction will begin on two 7,500-sf buildings of in-line space, which will be ready to occupy this summer. The quoted rate for the two buildings is $16 per sf to $19 per sf net.
Also in April, work starts on a 6,800-sf in-line spot for Shoe Carnival, which plans to open in August, says Kathy Mulkern, VP of asset management for ORIX Real Estate Capital Inc. The 431,024-sf shopping center at 6210 Broadway St. is owned and being developed by ORIX Sansone Quincy Venture, a joint venture of St. Louis-based Sansone Group and Chicago-based ORIX.
"We have a great location on the corner of [Interstate] 172 and Broadway. It is the first commercial development on this side of I-72 in Quincy," Mulkern tells GlobeSt.com. "It has great visibility off of Broadway, which is the main retail corridor going to the city."
Mulkern says both Best Buy and Shoe Carnival signed 10-year leases. Tim Cherre, VP of leasing for Sansone Group, represented the owner. The lease rates and aggregate value of the leases were not available.
Once Best Buy and Shoe Carnival open this summer, it will bring the number of tenants to seven in the center. Between 20 and 25 business are expected to eventually be in the development. The joint venture currently is in discussions with several restaurants for some of the six out-parcels, which range from 1.5 acres to 2.5 acres. "It will be a variety of regional and national chains," Mulkern says.
Lowe's Home Improvements, which is in a separately owned 102,000-sf building, was the first retailer to open in the shopping center in 2003. Other tenants include a 12,123-sf Old Navy, 28,478-sf TJ Maxx and 13,580-sf MC Sports. Kohl's occupies a 114,880-sf building, also separately owned.
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