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Joint Venture to Develop Mixed-Use Center on 65 Acres of Land in Antioch, Ill.

Posted on: Monday, 4 June 2007, 12:00 CDT

Midwest Real Estate Equities, Inc. and Great Lake Principals have launched a joint development venture to turn 65 acres of land on Antioch's newly developing retail row into Sequoit Creek Center, a retail, office and light-industrial complex to be situated on Route 173 and Grimm Road. This will create significant new retail options for the community, as well as compliment the flourishing specialty shops and restaurants of Antioch's already vibrant downtown.

"Antioch's population has increased more than 50 percent since 2000 to more than 13,700 residents, and now retail needs to catch up to the residential growth in order to serve the burgeoning population," said Steve Rubin, vice president of Midwest Equities. "Since Route 173 is a main thoroughfare, our center will be able to serve Antioch's expanding retail, office and light-industrial needs, as well as the needs of neighboring communities. Midwest Equities is extremely pleased at the opportunity to join forces with Great Lakes Principals, one of the premier development firms in the Chicago area with millions of square feet of quality projects to their credit."

The Antioch market is "popping," according to Rubin. Great Lakes Principals has already successfully developed a Super Wal-Mart on Route 173 and Deep Lake Road and are in the process of building a Super Menards adjacent to it. A 500,000-square-foot retail development is planned for a site across the street from Sequoit Creek Center that is anticipated to be home to Lowes, Target and Kohls. "The village also has a new 200-acre industrial park planned on Route 173 and Route 45, and still more housing is on the rise," Rubin said.

Midwest Equities and Great Lakes Principals are working very closely with the village government, specifically with Claude LeMere, community services director for Antioch, and Mayor Dorothy Larson to ensure the development best fits the village's needs.

Midwest Equities and Great Lakes Principals succeeded in putting together the joint venture and purchased the property within just three weeks after Midwest Equities was introduced to the project, an unusually fast closing. The property was referred to Midwest Equities by LeMere, who had previously worked on a very successful project with Midwest Equities in Fox Lake, Rubin said. "When this opportunity with Great Lakes Principals was presented, I knew it was something special," Rubin added. "Within three weeks we cobbled together the joint venture. We have the ability and resources to close deals quickly."

One unique component of Sequoit Creek Center development is the possible redirection and improvement of Grimm Road, which would have a major, positive impact on reducing traffic congestion, and its subsequent complaints, at Route 173 and Route 83. The details of the road improvements, as well as the plans for the entire development should be finalized and presented to the village for approval very soon.

Mid-America Real Estate Corporation, represented by the team of Kevin McLoughlin, Andy Bulson and Michael Mason, is the leasing agent for the retail portion of the center.

Midwest Equities is currently developing and re-developing other retail centers in major Illinois retail markets such as Lombard, Schaumburg and Round Lake. Great Lake Principals is currently developing another project in Barrington, and has developed shopping centers in Palatine, Glen Ellyn and many other communities all over Chicagoland.

Midwest Real Estate Equities specializes in acquiring "value-added" retail, multi-family and industrial properties, and has converted over 3,000 apartment units into condominiums. The company generally purchases properties valued between $1 million and $40 million and acts strictly as a principal.

Source: Business Wire

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