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Redevelopment

Our shopping centers are in prime locations throughout selected markets. With demand high for quality real estate, redevelopment within the portfolio is an effective means to meet retailer appetite for space. We have a successful record of asset redevelopment. Over the last decade we have added more than 320,000 square feet of GLA through repositioning efforts at an annual return on cost of 16.6%.

Redevelopment initiatives include:

  • Re-tenanting space to bring in new, in demand retailers who otherwise may be unable to enter the market due to limited supply.
  • Rightsizing store formats for current tenants to better accommodate future space needs.
  • Expanding our assets with additional GLA which positively impacts outcome to the shopping center.

Redevelopment optimizes tenant line-up, stimulates traffic and heightens overall customer experience. It also maximizes the value of our real estate platform.

Dunkirk Square

SW Corner of I-94 & Dunkirk Lane Maple Grove MN, 55311

Dunkirk Square is a prime location in an affluent and densely populated trade area. The redevelopment of the center included the construction of a new multi-tenant outlot building and the addition of Hobby Lobby.

Joliet Commons

NW Corner of Plainfield Rd & Hennepin Dr Joliet IL, 60435

IRC completed its redevelopment of Joliet Commons, a 228,000-square-foot retail center in Joliet, IL, with the addition of a 65,000-square-foot building for new tenants Dick’s Sporting Goods and DSW. To accommodate the new tenants, IRC redeveloped a former movie theater at the center and increased the total gross leasable area of the property by over 30,000 square feet.

Leasable Space

228,394

Leasing Contact
Alex Corno
Compass
Fabulous In Omaha
Monique Trosper