Morton Grove center sold
Oak Brook-based Kensington Development Partners, along with its partner IM Properties, has completed the acquisition of Prairie View Plaza Shopping Center in Morton Grove, with plans to complete a comprehensive repositioning and redevelopment of the 26-acre property.
The sale price for the property, 6763 Dempster St., was not disclosed. The seller, which was represented by Edgemark Properties, was Canadian-based Federal Construction Inc.
"We are very excited about and embrace a new approach and a comprehensive vision for Prairie View Plaza," said Morton Grove Mayor Dan Di Maria. "Additionally, we're thrilled to now be working with an active investment group that has been successful on numerous other projects, as opposed to the passive investors that previously owned the property."
DiMaria noted that the new investment group will work aggressively and collaboratively with the village to execute the shared vision for Prairie View.
According to Kensington Development, the attraction of the Prairie View property includes the wealth of options that are available to transform the site. The experienced developer said the property is viable for retail, restaurant and entertainment options which the site has been known for. Additionally, because of the dynamics and demographics of the immediate area, additional potential uses to create a mixed-use environment include complementary residential, hotel, and medical office uses.
"A well-positioned site in a demographically-rich market like Morton Grove, with extensive barriers to entry, has great potential for success," said John Schoditsch, principal, Kensington Development Partners. "Our goal, with the support and collaboration of Village President Dan DiMaria and the Village of Morton Grove, is to create a vibrant, sustainable development that will be at the center of activity for the community for a long time to come."
Regardless of the final path of the development, Kensington Development intends to maintain the existing 3,120-square-foot Bank of America outparcel as well as the approximately 10,500-square-foot strip center currently anchored by Starbucks.
As it currently exists, Prairie View Plaza is a 310,000-square-foot retail center. The property's location features strong demographics. The population is 149,524 within three miles and 391,867 within five miles. Average household income is $97,860 and $107,902 within three and five miles, respectively.