Jack Rosenberg, principal; Frederick Regnery, senior vice president; and Ned Frank, associate, all with Colliers International | Chicago’s Industrial Advisory Group, represented New York-based Avon Products Inc. in the sale of a 20-acre land parcel at Golf and Waukegan roads in Glenview.
Regency Centers closed on its purchase on Oct. 7, in turn selling nearly eight acres to a joint venture including Northfield-based Focus Development Inc. Rosenberg and Regnery also represented Focus Development, along with Greg Pacelli and Mark Dolemba of Colliers International | Chicago’s Land Advisory Group.
Regency is planning a 75,000-square-foot Mariano’s Fresh Market grocery store and another 24,000 square feet of retail on its portion of the site. The $30 million development will be called Glen Gate Shopping Center and is expected to be completed in late-2014. The joint venture led by Focus Development is planning a $60 million, 238-unit high-end apartment complex for its portion of the site, with occupancy expected by the spring of 2015.
During the marketing process, Colliers International worked closely with the Village of Glenview while also examining current market conditions to determine the highest and best use for the property. Colliers’ Industrial and Land Groups worked together to facilitate the multi-use sale process. Several apartment developers were introduced to the opportunity, with Focus Development ultimately citing the attractive area demographics as the impetus for its commitment to the project.
The Village of Glenview created a tax increment financing district that will contribute $3.5 million to the redevelopment.
