The retailer has chosen the Arboretum of South Barrington as its first Chicago area location. The company signed a lease for a 30,000 sf store at the property, a 600,000-sf lifestyle center at the intersection of Illinois Routes 59 and 72. The term of the lease for L.L. Bean is 15 years, says Michael Jaffe, president of Jaffe Cos.
The location will be the company's 11th store and the first store that is not in the Northeast corridor, the spokeswoman says. The Chicago area was chosen because L.L. Bean already has a large customer base here, she says. South Barrington "is some place that did have an appeal to us with the new lifestyle center as well as the location within Chicago," she says.
Jaffe Cos., based in Northbrook, IL, is developing the lifestyle center with Rreef being a capital partner. The $200 million project is being constructed on an 86-acre parcel that is the site of a former tree nursery and less than a mile from Interstate 90. "The Arboretum distinguished itself for L.L. Bean because of its proximity to the highway and the four-way interchange at Interstate 90, the quality of the project, the caliber of the co-tenancy and the architectural and landscaping detail," Jaffe says.
The store will have environmentally-friendly features such as natural light, recycled brick and some recycled slate for the roof in addition to energy efficient mechanical systems, Jaffe says. L.L.Bean and the rest of the first phase of the center, approximately 500,000 sf, are expected to open in September, Jaffe says.
The first phase is approximately 70% pre-leased, he tells GlobeSt.com. Other major retailers include Arhaus, Chico's, White House/Black Market, Victoria's Secret and Limited Too. Village Roadshow Gold Class Cinema signed a 15-year lease for an eight screen theater. Restaurants and eating establishments will include Pinstripes Bowling/Bocci Bistro, Noodles & Co., Panera Bread and Potbelly Sandwich Works, Jaffe says. The asking lease rates range from $30 per sf to $45 per sf net. The center's second phase will have approximately 100,000 sf and will likely open in 2009 or spring 2010, Jaffe says.
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.
