Oak Brook-based Kensington Development Partners and its partner, IM Properties, have completed the acquisition of Prairie View Plaza Shopping Center in Morton Grove, Illinois, with plans to complete a comprehensive repositioning and redevelopment of the 26-acre property.
Edgemark Properties represented the seller, Canadian-based Federal Construction, Inc. The sale price for the property, located at 6763 Dempster Street, was not disclosed. As it currently exists, Prairie View Plaza is a 310,000-square-foot retail center.
“We are very excited about and embrace a new approach and a comprehensive vision for Prairie View Plaza,” said Morton Grove Mayor Dan Di Maria. “Additionally, we’re thrilled to now be working with an active investment group that has been successful on numerous other projects, as opposed to the passive investors that previously owned the property.” DiMaria noted that the new investment group will work aggressively and collaboratively with the village to execute the shared vision for Prairie View.
According to Kensington Development, the attraction of the Prairie View property includes the wealth of options that are available to transform the site. The experienced developer said the property is viable for retail, restaurant and entertainment options which the site has been known for. Additionally, because of the dynamics and demographics of the immediate area, additional potential uses to create a mixed-use environment include complementary residential, hotel and medical office uses.
“A well-positioned site in a demographically rich market like Morton Grove, with extensive barriers to entry, has great potential for success,” said John Schoditsch, principal, Kensington Development Partners. “Our goal, with the support and collaboration of [Mayor] Dan DiMaria and the Village of Morton Grove, is to create a vibrant, sustainable development that will be at the center of activity for the community for a long time to come.”
Regardless of the final path of the development, Kensington Development intends to maintain the existing, 3,120-square-foot Bank of America outparcel as well as the approximately 10,500-square-foot strip center currently anchored by Starbucks.