Adam Firsel, development manager and finance director for Oak Brook-based Mid-America Development Partners, says the development cost is estimated at $35 million. The second phase will add 35,000 sf of retail, two restaurant pads and a furniture store to the center, which is under construction at the southeast corner of Randall and County Line roads. Construction is slated to be completed in spring 2009.
Algonquin Galleria is located across the street from the 600,000-sf Algonquin Commons. "It is a very strategic location along the Randall Road Corridor, across the street from Algonquin Commons, which is a very successful lifestyle center," Firsel says. "We identified this intersection as prime retail real estate."
Firsel tells GlobeSt.com that there is a 50-acre parcel adjacent to the retail center that the joint venture is in discussions to buy from the local property owner. Depending on tenant demand, the land could be developed as a third phase for Algonquin Galleria.
[IMGCAP(2)]Firsel says the center's 275,000-sf first phase is 92% committed, with only 10,000 sf available. He adds that rates are in the "mid-20's" for space next to the Best Buy and in the "low-30's" for the last opening in a 10,685-sf out-parcel building.
A 20,000-sf La-Z-Boy is opening today. A 40,000-sf Dania and Golden Corral restaurant will soon deliver, with openings planned for the summer, Firsel says. Construction on a Famous Dave's will begin in a couple months, an end-of-the-year opening marked on the calendar. Firsel says Famous Dave's has a 15-year ground lease.
Already open are a 30,000-sf Best Buy, 20,000-sf Ethan Allen and 60,000-sf Brunswick Zone. Ethan Allen owns its parcel while Best Buy and La-Z-Boy have 10-year leases. A 10,685-sf multi-tenant building, which is fully leased, also has been completed. Other tenants are Potbelly Sandwich Works, 2nd Wind Exercise Equipment, Jamba Juice, LensCrafters and Massage Envy.
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