Search
 

Restaurant Depot Buys at Redeveloped Center

LOMBARD, IL-Midwest Real Estate Equities is redeveloping the 204,000-sf shopping center, called Landings of Lombard, with retail condos.

By Gina Kenny | Updated on April 24, 2008

LOMBARD, IL-Restaurant Depot has signed on to anchor the Landings of Lombard, a shopping center being redeveloped at 1000 N. Rohlwing Road. Restaurant Depot is buying a 66,000-sf condominium in the 204,000-sf shopping center, says Steve Rubin, VP of Midwest Real Estate Equities Inc. The sale is believed to be one of the first condominium sales in a shopping center in the state, Rubin says. “We always try to be creative with our properties as much as possible,” he says.

His company, based in Oak Brook, IL, acquired the shopping center, which was previously called Northgate Plaza, in July 2005 for approximately $9.7 million, sources say. Rubin would not confirm the sales price but said that the total cost for the redevelopment is approximately $12 million. “We thought it was a great location,” Rubin says, adding that it was a “value-add opportunity.”

Buffalo Grove, IL-based Horizon Realty Services Inc. represented Midwest in the sale. Sparton Real Estate and Development, based in Glen Ellyn, IL, represented Restaurant Depot. The business reportedly acquired the 66,000 sf for more than $4 million. Restaurant Depot wanted to locate to the shopping center but wanted to own their parcel, Rubin tells GlobeSt.com. The chain sells equipment to restaurants, non-profit food service providers and business owners, but is not open to the general public.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.