• GMX is involved with more than 4 million sf of shopping center developments and acquisitions

• GMX has closed over $400 million in new deals with strategic partners during the past four years

• GMX is involved in numerous joint venture / strategic partner development deals

• GMX is currently involved in projects across 4 states

• GMX founders have 25 years collective experience in retail development arena

Press Release: Best Buy Teams with Winston Plaza & Melrose Park to Support Local Community

Melrose Park, IL (September 26, 2008) Jack Stonebraker, General Manager of Best Buy at Winston Plaza in Melrose Park, IL, has joined forces with Winston Plaza and the Village of Melrose Park in a program designed to improve the lives of people in the community.

Thursday, September 18, 2008. Stonebraker initiated a round table discussion with Winston Plaza owners and the Village of Melrose Park officials in an effort to initiate several community programs in Melrose Park that Jack says "…would strengthen our community by fueling innovation in education and technology and serving the need of our community"

Stonebraker has been active in the Chicago area for many years including a leadership role in the Village of Bellwood Computer Resource Center, Best Buy's Geek Squad Academy for teens and the impressive Best Buy Scholarship Program.

"I've focused my volunteer work on culturally diverse communities," Stonebraker said. "one of our Brand Promises at Best Buy is to make sure everyone has the opportunity to 'know all that we know' when it comes to technology."

Jack Stonebraker has successfully garnered the support of Winston Plaza & the Village of Melrose Park for the following Program:

Student Recognition Program for Melrose Park Elementary Schools.
Winston Plaza, The Village of Melrose Park and Best Buy will be recognizing students with a Gift Cards for A's program for the 2008/09 school year and present Gift Cards to students that are residents of Melrose Park and are students in grades K - 6. Students are encouraged to bring their report cards to Winston Plaza's Best Buy at the end of each grading period. For every A each student earns on his or her report card, that student will receive a $5 Best Buy Gift Card. Mayor Serpico has committed the Village of Melrose Park to ensure the success of this program. The Village will work with the school administrators to make sure every parent and student in the community receives information on the program. Last year, the Winston Plaza Best Buy awarded over $16,000 in gift cards to children in the Village of Bellwood. To the program's credit, 55% of the children reported an increase in A's during the final grading period and 36% of the students had the same number of A's from one grading period to the next.

"We are proud to be a part of a program that promotes education, rewards hard work and brings together an entire community." said Sr. Property Manager, Carole Johannesen on behalf of Winston Plaza.

Jack Stonebraker views the student recognition program as "…a small piece of what we can do when we pull business and community leadership together to strengthen the entire community." In addition to promoting good grades at an early level, Jack has also worked with Triton College and Illinois DCEO to develop a School to Work Program where students have the opportunity to earn 12 hours Computer Science credit, A+ Certification and job shadow at Best Buy's Geek Squad in a tuition free class.

For more information on the Student Recognition Program or the Triton College Scholarship, interested parties should contact the Winston Plaza Best Buy at (708) 343-2884.

Winston Plaza, located on the southwest corner of North Avenue and 9th avenue in Melrose Park, IL was purchased by NewMark Merrill Companies and GMX Real Estate Group in 2007. As new property owners, the companies have developed an exciting plan to increase the aesthetic appeal and to promote a shopping center that is geared toward the surrounding community. In addition to physical changes, Winston Plaza ownership has implemented an extensive community outreach program which includes a year-round calendar of Marketing Events. NewMark Merrill Companies and GMX Real Estate Group look forward to partnering with Best Buy and the Village of Melrose Park and to the impact this program will have on the community. For more information about Winston Plaza, contact Marketing Coordinator, Malaika Jenkins at (818) 710-6100 or visit www.winston-plaza.com.

Contact: Malaika Jenkins (818) 710-6100

Target sets Oct. 7 move-out day from Rushmore Mall

By Jeremy Fugleberg, Rapid City Journal staff

The Rushmore Mall Target store will close its doors for the last time Oct. 7, and re-open the next day at its new Rushmore Crossing location.

"Basically, what happens is the entire team relocates," store manager Matt Stewart said. Stewart spoke from the new location, which sits to the south and east of Rushmore Mall, across Interstate 90.

The debut of the Target store in Rushmore Crossing is the largest retail opening yet at the shopping center, which fronts the interstate between La Crosse Street and East North Street .

Already open is Shoe Carnival and Furniture Row, a standalone store on the west side of the development. Gordman's will open Sept. 25. Stores under construction include Scheel's All Sports, Michaels hobby store, David's Bridal, Petco and T.J. Maxx.

Worker recently finished stone entry signs that flank the La Crosse Street entrance to the shopping center. One sign features the Rushmore Crossing logo and the other features the Target bull's-eye symbol and lettering.

Target's move means the mall is missing an anchor store. Scheel's also is set to move from its current mall location after its new Rushmore Crossing store is complete. Although rumors swirl about the future of the open spots at Rushmore Mall, mall management has little to say.

"Their closing at Rushmore Mall allows the opportunity to look to the future and future occupancy," Karen Waltman, Rushmore Mall's property manager, said. "We'll always have a strong presence and niche in our community."

The new Target is not a Super Target but is much bigger than the previous location. The old building had about 100,000 square feet, and the new building has closer to 135,000 square feet, Stewart said. An Although the store will open for business on Oct. 8, its grand opening is set for Oct. 12.

Contact Fugleberg at 394-8421 or jeremy.fugleberg@rapidcityjournal.com

Shiny new Penney: Department store bows Saturday in Mokena

J.C. Penney, the first retailer in Mokena Marketplace, will open its doors Saturday.

The 104,000-square-foot department store opens at 9 a.m. in the shopping center, at the southwest corner of U.S. 30 and Wolf Road. It's the second freestanding J.C. Penney to open in the Southland in the past 10 months.

Once completed, Mokena Marketplace will have more than 400,000 square feet of retail space, according to Marty Lucas, Mokena's economic development coordinator. It's estimated that J.C. Penney will generate about $200,000 annually in sales tax revenue for the village, and a similar amount in property tax revenue for area taxing bodies, he said.

A grand opening for the store is scheduled for Aug. 1, and the retailer will hold a sweepstakes during which it will award 50 $100 Penney gift cards and one $1,000 gift card.

The retailer is also presenting a $5,000 grant to the Will County 4-H club and will give the group five $50 Penney gift cards to help students purchase school clothes.

In October, J.C. Penney opened a freestanding store in Matteson, next to Lincoln Mall. The company previously had a store inside the mall.

Along with Mokena, the retailer is opening a store in Algonquin and said it has opened a total of seven stores in the Chicago market in the past two years, all off-mall locations.

Another big-box anchor, Meijer, owns 20 acres at the south end of Mokena Marketplace and has been cleared to build a 207,000-square-foot store. Lucas said Mokena officials don't know Meijer's construction timetable but expect the mass merchandiser to begin construction next spring. It will take about a year to complete the building.

Grand Rapids, Mich.-based Meijer had previously indicated it wanted to have construction under way by the spring of 2007 and open sometime this year.

"We understand that big-box retailers are pulling back on expansion plans" because of the slowing economy, Lucas said.

Mokena Marketplace is being developed by V-Land Corp. and GMX Real Estate Group, and Mokena agreed to rebate to the firms a portion of the sales tax revenue generated by the retail center.

Other tenants that have announced plans to open in the development are Chase Bank, PetSmart, Potbelly Sandwich Works and Justice Just for Girls. Justice carries clothes for girls ages 7 to 14 and is owned by Tween Brands Inc., which also operates the Limited Too chain of 'tween girl apparel stores.

Mokena Marketplace Groundbreaking Ceremony

Groundbreaking ceremonies have been scheduled for Mokena Marketplace Shopping Center, located at the southwest corner of Wolf Road and U.S. Route 30 in Mokena. The groundbreaking will take place at 3:00 p.m. on Thursday November 1, 2007, at the construction site. Village of Mokena Mayor Joe Werner and other members of the Mokena Village Board and representatives of the Mokena Chamber of Commerce will join developers V-Land Corporation of Chicago (Steven Panko, President) and GMX Real Estate Group of Northbrook (Andrew Goodman, Principal) for the groundbreaking ceremony of this historic development.

Mokena Marketplace will be the largest retail commercial development project in the history of the Village of Mokena. The project totals 56 acres, 40 buildable acres, and will contain over 400,000 square feet of building space. Mokena Marketplace will be anchored by JCPenney, Meijer, and PetSmart. JCPenney is already under construction with a tentative scheduled opening date for August 2008.

Mokena Marketplace is expected to provide approximately 1,200 total temporary construction jobs and approximately 800 total permanent jobs. The total development cost for Mokena Marketplace is expected to top $70,000,000. The Village of Mokena has conservatively estimated that during the first ten years of operation Mokena Marketplace will provide an average annual direct net benefit of over $580,000 to the Village. Over the second ten years of operation that number climbs to over $1,500,000. The Village also estimates that the other local taxing districts will receive a combined annual average of over $867,000 in property tax revenue from the first ten years of operation of Mokena Marketplace. In the second ten years of operation that number is projected to surpass $1,200,000.

Mokena Marketplace already has commitments for approximately 80% of its space (approximately nine months before opening), just from JCPenney (approximately 104,000 square feet), Meijer (approximately 210,000 square feet) and PetSmart (approximately 20,000 square feet). Several other, yet to be named, restaurants and smaller stores will also occupy Mokena Marketplace.

Antioch OKs big box annexation

BY DIANA KUYPER Special to the News-Sun

ANTIOCH-- The Antioch village board Monday night unanimously approved the annexation agreement with Antioch BB LLC that will bring Lowe's, Target and Kohl's to the village.

The agreement to annex 84 acres is contingent on ironing out the details of screening the rear of the 600,000 square feet Antioch Marketplace from neighboring residents. "I don't want the project to fall apart because of this issue, but we do need to continue our discussions to make sure we do the optimum for the residents there," said Trustee Dennis Crosby.

Andy Goodman, representing the development group, doubled the amount the project will contribute to downtown revitalization from $100,000 to $200,000. Other changes made to the annexation agreement in the past week are the downsizing of monument signs and out lot signs.

The 147 acre project is on Route 173 west of Brown Avenue . The balance of the property is already located in the village, but only half the total acreage is buildable because of its proximity to Little Silver Lake, rated one of the most pristine lakes in the county.

When Goodman first presented the proposal for the shopping center to the village in January he said it was the culmination of a year of planning for the "environmentally challenging" property that is west of Wal-Mart and Menards. "We want to develop this property the right way so we first figured out how it would impact the lake and wetlands."

Since then the proposal has gone to the combined planning and zoning board, which recommended approval, and then underwent another review by the village board and a second round of public hearings.

"We'll lose a beautiful area, we face significant traffic issues and we are concerned about its impact on the lake, but this village needs the money. We have a lot of projects for our residents we need to fund, including infrastructure improvements, road improvements and the need to find funding for an aquatic center," said Crosby . "We need more shopping here, and this is a good way to bring more revenue to the village."

Trustee Larry Hanson said he wished the development were located elsewhere, "but I don't own the land. This is the new way of the future. Antioch has changed and we have to represent our new and old residents. The developer is committed to making this the best it can and I support it as long as our unresolved issues are corrected."

The board, minus Trustee Bob Caulfield, approved the annexation pending a final review and okay by staff, the village attorney and the three trustees on the planning, zoning and building committee of the village board.

"I've thought long and hard about this. It's the towns that get the new business that are still thriving. This is a good product for Antioch ," said Trustee Scott Pierce.

The project is expected annually to generate $2 million in property tax revenue and $1.3 million in sales tax revenue for the village, and may generate up to 800 new jobs, said Goodman.

The development will also include Staples, PetSmart and Shoe Carnival. "We have commitments for 80 percent of the space. That's phenomenal and reflects a pent up demand by retailers for a development like this," said Goodman.

The plan shows three entrances to the development from Route 173 with two entrances, one at Brown and the other main entrance across from Lincoln Avenue , to be signalized and coordinated with traffic signals at Wal-Mart to the east. Ten out lots are planned to front Route 173 with the larger big box stores and smaller retail spaces located to the north of the main parking area.

New owners to make over Melrose Park strip mall

(Crain's) - A joint venture led by a California-based real estate firm has bought the Winston Plaza in west suburban Melrose Park and is planning a $7-million makeover of the tired strip mall.

NewMark Merrill Cos. of Woodland Hills , Calif. , and Northbrook-based GMX Real Estate Group LLC bought the 375,000-square-foot center at North and 9th avenues earlier this month from the longtime local owners.

The shopping center is almost fully leased to tenants that include Best Buy, Office Max, Marshall's and a Grand Mart grocery store. The new owners plan to renovate the parking lot, install new signs and add new, stand-alone buildings, says NewMark CEO Sandy Sigal.

"We’re going to bring it up to the 2000s as opposed to the 1950s, which is what it looks like now," Mr. Sigal says. "You’ve got great traffic on both streets. You’ve got great demographics. We just need to improve the customer experience."

This is the second Chicago-area acquisition for NewMark and GMX since last year. The two companies bought Stratford Crossing in Bloomingdale last January for $48.75 million, financing the deal with a $39-million loan from Pittsburgh-based PNC Bank.

The price for Winston Plaza couldn't be determined, but the two companies obtained a $46-million loan for the purchase from PNC.

Mr. Sigal says NewMark and GMX, a partnership between former ORIX Real Estate executives Andy Goodman and Kevin Mottlowitz, are looking to buy more Chicago properties. NewMark also owns retail centers in California and Colorado .

Developers add plans for bank, restaurants at Mokena Marketplace

Developers plan to add restaurants and a bank to Mokena Marketplace at the corner of U.S. 30 and Wolf Road.

Andy Goodman, of Mokena Retail Associates LLC, said they have letters of intent and are in negotiations with a "quick casual restaurant," a "hamburger chain" and "a national bank." Several "multi-shop tenants" also are interested in Mokena Marketplace, and the developers are in "letter of intent negotiations" with two of them, Goodman said.

The village board approved plans for the site, landscaping, light and elevation at a Monday night meeting.

Meijer will have a 200,000-square-foot store and be the main anchor for Mokena Marketplace, a 56-acre shopping center featuring 400,000 square feet of retail space.

J.C. Penney will be a secondary anchor with a 100,000-square-foot store. The shopping center will include two other stores, totaling about 40,000 square feet, as well as eight commercial outlots, including a gas station operated by Meijer.

Some of the board members said they worried the uniform, pre-cast concrete on the western side of J.C. Penney was ugly. There are homes about 1,000 feet behind the J.C. Penney, and the wall should be broken up with brick or columns, Trustee George Metanias said.

"You are looking at a very utilitarian, strip-center-looking building," Trustee Laura Rusiniak said. "That is very unattractive."

Terry Roswick, of the architecture and engineering firm Greenberg Farrow, said J.C. Penney made several concessions with the design of the building such as adding brick and columns to the southern side. The developers will plant evergreen trees along the western side to act as a buffer, Goodman said.

The developers hope to break ground in the spring. Mokena Marketplace would open in phases, ending with outlot businesses opening in spring 2009.

The village has granted developers an incentive package in which Mokena will rebate 50 percent of its 1 percent sales tax up to $3.7 million. The rebate period may not exceed 15 years. The developers also will receive interest on the incentives, bringing the total to possibly $4.9 million.

The village estimates its net revenue at $580,000 annually for the first 10 years of the development. Net revenue is expected to exceed $1.5 million a year in the 11th year.

Mall Madness?

RAPID CITY - Dirt work is set to start later this week on the Rushmore Crossing shopping center project, the Cincinnati-based developer said Friday. It's the first of three Interstate 90 retail projects to break ground.


The other two are in various stages of pre-development. All are huge. Combined, these proposals would add 2 million square feet of new retail space - two Rushmore Malls, give or take a big box or two.

It's hard to believe all of these projects are being proposed in a metropolitan area with just 89,000 souls.

In fact, Rapid City's retail trade area stretches far beyond the Black Hills, according to market watchers. Shoppers come here from Gillette, Wyo., Chadron, Neb., Dickinson, N.D., and everywhere in between. In 2006, shoppers in Rapid City spent $1.94 billion, according to state sales tax figures.

In addition, Rapid City sees an estimated 3 million tourists a year, probably a lot more, Jim McKeon, head of the Rapid City Area Chamber of Commerce, said. And with events such as the Black Hills Stock Show & Rodeo, this market is catching the keen attention of national retail chains.

"They are realizing that we are apparently undersold as far as retail goes," McKeon said. If the three recently announced projects are actually built, the city will hardly be undersold.

For those of you following along at home, here are the players:

The Meadows of Black Hills would cover nearly 1 million square feet along the north edge of Interstate 90 between the same exits. RH Johnson Co. and its partner, Lane4 Property Group, both of Kansas City, Mo., are the developers. They claim to have commitments from Home Depot, Bed, Bath & Beyond and Sam's Club.

The newcomer, Foursquare Properties of California, confirmed recently that it has an unnamed project in the works somewhere east of Exit 61. The company hasn't said what stores are going in, but it does have development ties with Nebraska outdoor retailer Cabela's.

Rushmore Crossing, where dirt work is scheduled to start next week, would run along the southern edge of Interstate 90. Midland Atlantic Properties, based in Cincinnati, is developing this project. The proposal will cover 900,000 square feet of retail space, according to Midland Atlantic's John Silverman.

The first half is scheduled to open in the fall of 2008, Silverman said. The second part would open in spring 2009. Silverman refuses to publicly name specific tenants.

"Unless our tenants tell us to announce their names, we will not do that," he said. "I will tell you that the leasing is going extremely well."

However, Midland Atlantic has been privately naming a lot of names. The company has apparently been circulating a list of "proposed tenants."

A copy of the list, obtained by the Journal, shows a Rushmore Crossing with a long list of well-known national retailers, including a Dillard's department store, a Barnes & Noble bookstore, a PETCO, a TJ Maxx and a Party America store.

It's hard to figure out what to make of the tenant list. Attempts to confirm some of the names on the list were unsuccessful. Julie Bull, a spokeswoman for Dillard's, said she is unable to confirm whether there are any plans for a Rapid City store. Spokeswomen for TJ Maxx and PETCO both said Friday that they have no plans for stores in Rapid City.

And Party America already has a Rapid City store. Jack Wellman, the Party America franchisee, said Thursday that he has been approached by the developers, and he has talked to the developers. However, he has made no commitment to move to Rushmore Crossing. And at this time, he has no plans to move.

Two other names on the list, Target and Old Navy, are currently tenants of Rushmore Mall. Is Rushmore Crossing attempting a raid on its neighbor?

Rushmore Mall general manager Karen Waltman declined to comment on the specific plans of other developers. However, she said parent company Macerich Co. welcomes competition. More stores strengthen Rapid City's position as a regional shopping hub, she said, and that's good for Rushmore Mall.

"We really welcome the additional retail entering the Rapid City market and the Black Hills community. All these developments are indicative of the growth in the community, so it generates a really healthy market share for all retail outlets because it brings focus to our area," she said. "And that's a very good thing."

Waltman said the 834,000-square-foot Rushmore Mall, in its 30 years in business, has helped make Rapid City the regional retail hub that it is. "We really helped spawn and develop business growth for some time, and we want to continue to focus on doing what we do best," she said.

The mall opened in 1978. At the time, the Ramkota Hotel (then Howard Johnson) was about the only business north of Interstate 90. In fact, there wasn’t much south of the interstate, either. It has blossomed into a thriving commercial corridor with a strong mix of local and national retailers. "All of that complements each other," Waltman said.

The Chamber’s McKeon said it can be hard for existing merchants to stomach big new competitors coming into the market, but the chamber holds to its pro-growth stance. When the home improvement big-box stores came to town a few years ago, he noted, local hardware stores survived.

McKeon agrees that Rapid City might be reaching some type of “critical mass” with retail development. With more stores, Rapid City attracts shoppers from farther away. More shoppers bring more stores, and more stores bring more shoppers. "It would seem that a rising tide lifts all boats," McKeon said.

According to sales tax figures, the tide in Rapid City is indeed rising — but its rate of growth in taxable sales - 46 percent in 10 years - has been slower than Sioux Falls' 65 percent, or even the statewide average of 54 percent.

Last year, was Rapid City's first down year in a decade. Taxable sales here fell nearly 1 percent

Planners OK Meijer, refine store's appearance

Mokena officials want to address noise concerns and refine the appearance of the proposed Meijer store as it moves forward through the village's approval process.

Following a crowded three-hour public hearing Thursday night, the plan commission unanimously recommended approval of the 56-acre planned unit development at the southwest corner of Lincoln Highway and Wolf Road.

A 200,000-square-foot Meijer will anchor the project with a gas station, three smaller anchors and six other outlots.

"It will be an outstanding addition to the community and provide well needed tax revenue," Commissioner Dennis Bagdon said.

Community development director Paul Gorte said he received 490 signatures in favor of the project and two opposed.

Residents did not necessarily oppose the retail center, but wanted village officials to "scrutinize it as if it were in your back yard."

They want a "high quality building" that will complement the surrounding area.

One citizen voiced strong opposition.

"Are a few tax dollars worth destroying the community?" asked Ron DeGraaf, who lives south of the site.

He said the store will have a "Maxwell Street atmosphere," hurt local businesses and clog the existing two-lane roads.

Ed Jancauskas, a former trustee, said he "fully understands the concept of 'not-in-my-back-yard,'" but asked officials to consider "what is best for the entire village."

"The traffic is already there. We should capture it," he said.

"I've got four kids in (Mokena) School District 159. We really need this," said Lynn Ingram.

"Most of us are not happy about a 24-hour store, but are looking to compromise (with Meijer) and move forward together so it is a win situation for everyone," said Lou Filosa, another resident.

After several citizens aired concerns about noise, traffic and aesthetics, Commissioner Guy Nickelson told Meijer representatives that more people will want to shop at the store if it is an attractive development.

"It will benefit you in the long term to make this look better," he said.

Several commissioners recommended a noise study to determine how far the noise of trucks from the loading docks on the southwest corner will carry into the adjoining neighborhoods.

The south and west sides of the retail center will have berms and tall evergreens. Meijer is planning to relocate the existing stream — to move its store further east — away from homes.

To tone down the big box look and improve the overall appearance, Meijer added architectural peaks at the store's two main entrances, added more color and eliminated a chain link fence. There will be well-landscaped entrances and parking lots and a common architectural design throughout the entire development.

There also will be new turning lanes and signalized entrances on Lincoln Highway and Wolf Road.

Village officials said they are working with the Illinois Department of Transportation to get promised improvements to that intersection as soon as possible. A signal could go up at 116th Avenue, when it is necessary.

They also are considering lowering the speed limit on Wolf Road and installing other safety features for users of the Old Plank Road Trail.

The Meijer plan will go back to the village board for review in a work session, before final action during a regular meeting.

If approved, Meijer plans to break ground in the spring.

Also under review is a proposal for 94 townhouses on a 25-acre parcel immediately south of Meijer and the bike trail.

SPECIAL REPORT: Chicago Entrepreneurs Cite Passion as Key to Real Estate Success

An array of Chicago-based real estate entrepreneurs assembled for the monthly luncheon meeting of the Illinois Certified Commercial Investment Member (CCIM) late last week, each telling their success stories to a crowded room of members and attendees.

Arthur van der Vant told the classic immigrant success story. Arriving from Poland "with $15 in my pocket and speaking no English," van der Vant fixed on the specialty that has made him the owner & president of Major Enterprises, which now employs more than 500 agents: investing in foreclosed properties. "I never wanted any other kind of job but real estate investing, and if you have a passion for it, the opportunities are great," he said.

Former broker and current developer Steve Panko, who's now an officer of V-land Properties explained, "you have to have passion in this business." Panko's passion led him early in his career from a job at a Fortune 500 company into brokerage. "I was clueless at first, but I knocked on every door between I-55 and 95th Street (in Chicago)," looking for an industrial deal, he said.

An opportunity then arose to do retail brokerage with the former Tanguay Burke Stratton. "Then I took baby steps into development: one small deal, two, three then more," he added, noting that he now has more than $200 million in retail projects under way.

GMX Real Estate Group co-founder Andy Goodman used to oversee retail development for ORIX. But the itch to develop on his own account was strong, and he left to help form GMX a few years ago. "It's humbling at first, since at ORIX everyone wanted to be my friend because of the company's large balance sheet," he said. "But our new company has built our own relationships, and now we're getting projects out of the ground; about 3 million square feet so far."

Robert Gecht, president of Albany Bank, also owns 400 apartments on Chicago's North Side and has developed 650,000 square feet there as well. "I saw people making money in real estate and I wanted to as well," he said. "I was familiar with the financing side of the equation, but not deal-making or management, which is why I got a partner. We've been successful with it ever since, because we both bring complementary skills to the table."

John McCormack, a principle at Amvest, said that if you have passion for real estate, "you should own a piece of the deal as well." Now he owns a varied portfolio of smaller commercial properties, "none of them sexy, but all moneymakers," he said. "Brokerage prepared me for ownership, but passion is the real key. It helps you get over all the hurtles and all crap thrown at you along the way."

Rreef Gets $50M for Stratford Plaza

BLOOMINGDALE, IL-Stratford Plaza, a 358,000-sf grocery-anchored power center across the street from Stratford Square, has been sold to a partnership led by Woodland Hills, CA-based NewMark Merrill Cos. for $50 million. Dominick's, Big Kmart, Sports Authority, PetsMart, Outback Steakhouse, Ruby Tuesday's and Shoe Carnival are among the tenants at the center at Gary Avenue and Schick Road, 96.4% leased when sold by Rreef Capital Management.

In addition to being across the street from a 1.2-million-sf shopping mall that is being renovated by Feldman Properties, Stratford Plaza also is sandwiched between a 210,000-sf Meijer SuperStore and 100,000-sf LifeTime Fitness health club. Stratford Plaza marks NewMark Merrill Cos.' debut in the Chicago market, but the new arrivals are teaming with GMX Real Estate Group, LLC.

"We are extremely excited about the acquisition of Stratford Plaza due to its outstanding tenant mix, the potential for improvement at the site, and because it is situated in one of the most desirable retail locations within its trade area," says president and chief executive officer Sandy Sigal, whose company swung the acquisition with a mortgage from PNC Real Estate Finance.

Joe Girardi and Mike George of Mid-America Real Estate represented NewMark Merrill Cos. and GMX Real Estate Group. The Oak Brook-based brokerage also will handle management and leasing at the 11-year-old center, which is likely to get upgrades to the common areas. Jim Toney represented Rreef Capital Management.

NewMark Merrill Cos. has four offices in Southern California, where it is developing new centers in Ontario, Rialto, San Diego and Thousand Oaks. It also is remodeling centers in Carson, Oceanside and Upland.

Shopping center planned for Orland Park gateway

The northernmost entrance to Orland Park soon will feature what the village is best known for: a shopping center.
Village officials Monday night approved Chase Plaza, an eight-acre walkable mall at the southeast corner of 131st Street and LaGrange Road, just across the street from Sandburg High School.

So far, Ace Hardware and Bank One have signed on to the project.

Trustee Patricia Gira said she recognized how funny it is to have a shopping center beckoning drivers to the Southland's biggest retail hub.

"Everybody has their little niche for something, and we are a shopping mecca," she said. "I think we do it well. If people want something, chances are pretty good they can find it in Orland Park."

Construction at the site should get under way this fall, said Andrew Goodman, owner of GMX Real Estate, one of the site's developers.

Goodman is in discussions with some sit-down restaurants, smaller stores and local office users for spots in the remaining four buildings.

"We envision it to be a neighborhood shopping center that will have a regional draw," he said.

The project likely will serve the houses and condominiums of the Southmoor subdivision just east of the site, as well as the nearly 3,500 students and teachers at Sandburg.

Village officials initially were concerned about how the project would look because it is the first part of the village drivers will see as they head south on LaGrange Road into the heart of the town's shopping district.

"We wanted a beautiful entry to the village of Orland Park," Trustee Kathy Fenton said. "We're looking for something unique and different."

After a series of revisions, trustees finally felt the plans matched their vision.

The low-slung brick buildings will be pushed close to the road to give the area a more "small-town" feel, officials said.

A 1/3-acre park and outdoor seating area will be built at the corner of 131st Street and LaGrange Road, a project site plan shows.

The building style is expected to be similar to the proposed Metra Triangle project, slated for the area around the 143rd Street Metra station.

The owners of the Ace Hardware being torn down to make room for the Metra Triangle are moving their operations to Chase Plaza.

Residents of the nearby Southmoor homes will be able to walk to the plaza along new entry roads and sidewalks.

"It makes it more appealing all the way around," Fenton said. "It's just so attractive. We want to bring back that homey, small-town feel."

Dan Lavoie may be reached at dlavoie@dailysouthtown.com or (708) 633-5994.

S. Elgin will aid Randall project

The village of South Elgin has agreed to give a developer $1.5 million - about half the amount requested - in a deal that moves forward a plan to build the largest retail strip in the village's history, officials said.

The proposed South Elgin Crossing project is expected to generate about 750 construction jobs and about 500 permanent jobs to build and operate Home Depot, Staples, Best Buy and Petsmart stores, according to village planners.

Once open, the 28-acre site off Randall and McDonald roads is pegged to generate about $700,000 a year in sales taxes and about $560,000 in initial property taxes - $334,700 of which would go to the St. Charles school district.

"In the past, in the future, this is it," South Elgin Community Development Director Steve Super said of the development. "It'll be the biggest one we will ever have."

South Elgin Crossing hit a roadblock in March when its developer, V-Land Corp., asked the village to chip in about $3 million in its portion of sales tax from the project for special road improvements.

Now, V-Land has agreed on a plan that requires the village to repay about half that amount, despite the price to overhaul parts of Randall Road to allow access into the complex.

"It will be a profitable project from the developer's standpoint and a profitable project from the community standpoint," said Andrew Goodman, a spokesman for V-Land.

The revised proposal also is supported by the South Elgin Economic Development group, Chairman David Bear said in a statement urging village leaders to endorse the project.

South Elgin likely will give V-Land half the village's share of the sales-tax revenue until the $1.5 million is repaid. The final concept plan could be approved when the village board meets May 16.

"There's nothing else big on Randall Road, and that frees up village staff to work on other projects downtown," Village President Jim Hansen said. "The sooner we get the sales tax coming in, the better."