Sleepy’s LLC has completed a lease for approximately 4,773 square feet of space to cap off the repositioning and re-leasing effort at Oak Lawn Promenade in Oak Lawn and further extend its expansion in the greater Chicago area.
With this lease Promenade Plaza is now 100 percent leased following an extensive repositioning program.
Sleepy’s is a privately owned fourth-generation company with more than 900 retail locations in 17 states, spanning from Maine to North Carolina. Sleepy’s has seven state-of-the-art distribution centers located throughout the country and delivers more than 3,000 mattresses every day.
Oak Lawn Promenade is a 32,300-square-foot neighborhood shopping center. The center is located across the street from Chicago Ridge Mall in a densely populated area, just off the 95th Street I-294 exit.
Next Realty acquired Oak Lawn Promenade in December 2012 and has been engaged in a repositioning effort at the center. In addition to the firm’s work to rebuild the tenant roster, an extensive modernization program has been implemented. The program included the construction of a new façade, which was recently completed.
“We felt confident in acquiring Oak Lawn Promenade in 2012 as a value-added investment opportunity that we could swiftly engage in an aggressive effort to reposition and re-tenant the center,” said Marc Blum, president of Next Realty. “Fundamentally, the center was sound. It simply needed some attention.”
Earlier this month, Next Realty announced more than 4,500 square feet of new lease transactions at Oak Lawn Promenade. Joining the roster of tenants at the 32,300-square-foot strip center are Vitamin Shoppe, the national vitamin retailer that has leased 3,000 square feet; Penny’s Bistro, a new café concept featuring video gaming that has leased 1,603 square feet; and Loya Insurance, a low cost insurance provider that has leased 960 square feet.
