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Next, Carroll Plan 457,000-SF Retail Center

BELLWOOD, IL-The $90-million Bellwood Station is going up on a 41-acre site along the Eisenhower Expressway.

By Gina Kenny | Updated on March 04, 2008

BELLWOOD, IL-A joint venture between Next Realty Development, based in McLean, VA, and Chicago-based Carroll Properties is planning a 457,000-sf regional retail center, here. Bellwood Station will be developed on a 41-acre site along the Eisenhower Expressway at 25th Avenue. The estimated cost for the project is nearly $90 million, says Robert King, president of Carroll Properties.

The development is expected to have two “big box” anchor retailers, three junior anchors, three out-parcels and about six inline retail spaces, he says. King said they are in talks with national retailers who are “household names” but could not disclose which retailers. Wal-Mart, Home Depot and a Burlington Coat Factory are reportedly some of the possible tenants. The development will be leased by Tracy Harnisch with Next Realty LLC, of which Next Realty Development is an affiliate.Lease rates have not been determined yet, King says. Average asking rates are around $18.12 per sf, according to a recent Marcus & Millichap report.

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