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:
Redevelopment optimizes tenant line-up, stimulates traffic and heightens overall customer experience. It also maximizes the value of our real estate platform.
SW Corner of I-694 & 10th St N Oakdale MN, 55128
The 1-year, major redevelopment project at Bergen Plaza in Oakdale, MN, began in fall 2015 and consisted of the relocation of Cub Foods from a 64,000-square-foot space at the rear of the property that no longer met the retailer’s needs, to a completely redesigned 90,000-square-foot building in a highly-visible position at the “front door” of the center.The redevelopment project included architectural rehab of the interior, renovation of the exterior, construction of a drive-through pharmacy, addition of a new Cub Wine & Spirits store adjacent to the grocer, and resurfacing of the parking lot.
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.
SE Corner of Barrington Rd & Weathersfield Way Schamburg IL, 60193
Schaumburg Plaza, a neighborhood center located in Schaumburg’s dense residential community, recently underwent extensive redevelopment. The successful project consisted of the demolition of a restaurant and ground-up construction of a new outlot building fully leased to Starbucks and Which Wich. In Summer 2016, Schaumburg Plaza was awarded a LEED Certification by the USGBC.
SE Corner of Rt 60 & Milwaukee Ave Vernon Hills IL, 60061
In 2010, IRC Retail Centers began what would become a 3- year re-positioning effort for Rivertree Court to establish the property as the premier center in the trade area. IRC focused on: reducing the amount of under-utilized small shop space, right sizing current junior anchor tenants and strategically choosing to replace some under-performing retail categories with new best in class retailers looking to enter the trade area.
NW Corner of Lake St & Indian Trail Rd Aurora IL, 60506
In 2015, IRC completed a 3-year redevelopment project that featured converting an undervalued grocery anchor space into 3 junior anchors at Aurora Commons. The objective was to re-position the center from a grocery-anchored asset to a multi-anchored center leased to in-demand, national apparel and soft goods retailers such as, Ross Dress for Less, Dollar Tree and Fallas. The redevelopment increased the center’s income, value and relevance in the community.
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.
SE Corner of Cedar Rd & Warrensville Center Rd University Heights OH, 44118
During the Summer of 2015, IRC began a redevelopment project on the multi-tenant building that would completely transform the facade, and upgrade the appearance considerably. The redesigned look features attractive aesthetics such as modern awnings and appealing stonework.
SE Corner of Torrence Ave & I-80/94 Lansing IL, 60438
Located along the busy I-80/94 corridor, this Walmart shadow-anchored property has 20,000 square feet of space available for a junior anchor. A limited number of small shop spaces are also available for lease.