Firsel says the owner developed the center in 2005, building half of the space as new construction and renovating an existing building. "They just decided to liquidate it," Firsel tells GlobeSt.com. "They went with Inland for surety of closing. It was really a good deal for them and they made substantial profits."
The area has about a 9% vacancy rate, according to Firsel. Asking lease rates in the shopping center range from $19 to $30 per foot, net, Firsel says. "Inland was interested in it because it was new construction and core product with a phenomenal tenant lineup," Firsel says. "It's in more of an insular location. There's a hospital there with 2,800 employees that drives a lot of the daytime traffic to a lot of these retailers."
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