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IRC signs five leases with national retailers

Posted By Staff Writer On April 29, 2010 @ 4:12 pm | No Comments

Inland Real Estate Corporation has announced the signing of five new leases totaling 119,518 square feet. The leases were signed with Old Navy, buybuy Baby and Office Depot for locations in Orland Park, Niles and Crystal Lake, Ill.

“Certain national retailers are looking to expand with new concepts or adjust their business platforms for current market conditions,” said Scott Carr, president of property management. “Because of our market concentration and strong locations in the Chicago area, as well as our deep relationships with retailers, we have been able to find the right locations to help them grow.”

New Old Navy leases include:
-A 17,000-square-foot lease at Four Flaggs Shopping Center in Niles that is scheduled to open in early fall.
-An 18,030-square-foot lease at Orland Park Place in Orland Park. Old Navy is relocating within the center, and is scheduled to open in late summer.
-IRC also signed extensions with Old Navy at three additional shopping centers: Algonquin Commons in Algonquin, Ill., Joliet Commons in Joliet, Ill. and Randall Square in Geneva, Ill.

“Old Navy is relocating from Morton Grove to Four Flaggs in Niles because of the significant lineup of tenants,” Carr said. “Old Navy is a best-in-class retailer with fantastic name recognition that will make a dynamic addition to the center. At Orland Park Place, the retailer wanted to remain in the center because of its excellent location and traffic but needed to reconfigure the store layout. We worked with Old Navy to fulfill this request and were able to find the right space to fit their requirements.”

buybuy Baby is a division of Bed Bath and Beyond. New leases include:
-A 33,236-square-foot lease at Bohl Farm Marketplace in Crystal Lake. The new store is taking space previously leased by Linens ‘N Things.
-A 32,803-square-foot lease at Orland Park Place. buybuy Baby is filling space previously rented by Filene’s Basement. This will be the retailer’s first location in the south Chicago submarket.

“We expect buybuy Baby to generate a lot of excitement in the marketplace,” Carr added. “These new stores will be buybuy Baby’s fourth and fifth locations in the Chicago area, and we have signed three of their five leases.”

IRC also signed an 18,449-square-foot lease with Office Depot at Four Flaggs in Niles. Office Depot is relocating within the center.

Jeff Howard, vice president and senior leasing representative, represented Inland Real Estate Corporation in the transactions.

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