Colliers International | Chicago has been named property manager for the office and retail portion of Metropolitan Square, a 300,000-square-foot mixed-use development in downtown Des Plaines. The property was recently acquired by Austin, Texas-based private equity firm, World Class Capital Group.
Built in 2006, Metropolitan Square is a transit-oriented development on 9.5 acres encompassing 300,000 square feet of space. Mixed uses include 120,000 square feet of grocery and retail shops; 22,000 square feet of medical office; a Fifth Third Bank branch; 142 condos and lofts; and a 250-space public parking garage. The property is located in the heart of downtown Des Plaines, bordering significant residential occupancy and the local Metra commuter station for access to downtown Chicago.
Bill Combs in Colliers International’s Real Estate Management Services Group will serve as property manager for the 120,000-square-foot retail and medical office portions of the development. Anchor and featured retail tenants include a full-service supermarket operated by Shop ‘n Save, Panera Bread, Potbelly Sandwiches and WorldGym. In the medical office building, Clinical Associates anchors the facility while a dentist and several other practitioners occupy space as well.
In November 2011, The City of Des Plaines adopted a Business Incentive Program that allows businesses to be reimbursed for up to 50 percent of costs incurred to locate a business within downtown Des Plaines (TIF District #1).
“We are confident that the combination of a well-capitalized owner and the city’s new Business Incentive Program will allow us to pursue new tenants that will complement the outstanding collection of existing retailers,” said Philip C. Stafford, principal and senior vice president of Colliers | Chicago Real Estate Management Services.
