NAI Hiffman's Retail Team secures anchor tenant for Forest Park Plaza
FOREST PARK, IL (April 9, 2018) – NAI Hiffman is proud to announce that Forest Park Plaza has completed a new lease at 7520 W. Roosevelt Road in Forest Park, IL. Forest Park Plaza, LLC is a wholly owned subsidiary of Living Word Christian Center.
The new tenant Living Fresh Market, plans to occupy 70,211 square feet at the building. Living Fresh Market is owned by the Casaccio brothers, third-generation local grocers. Living Fresh Market represents a new concept for the Casaccio family which will include modern touches such as a pizza oven and an international aisle. Living Fresh has invested over $2.5 million in developing, rehabilitating, and opening the new location. In exchange, Living Fresh will receive certain TIF incentive reimbursement payments from the Village of Forest Park over the next 7 years.
The placement of Living Fresh Market in this shopping outlet fills the eastern anchor location for Forest Park Plaza. With both anchors occupied, there is now an anticipated uptake in outlot development. Forest Park Plaza is currently 95% occupied with three open spaces ranging from 1,900-10,000 square feet.
NAI Hiffman Senior Sales Associate Dan Hiffman and Retail Leasing Representative Jana Foreman represented the owner, Forest Park Plaza, LLC. The NAI Hiffman Retail team worked closely with Living Word’s Director of Real Estate, Melody Winston during the course of the transaction.
About NAI Hiffman
Comprised of more than 160 real estate professionals, NAI Hiffman provides leasing, management, investment sales and capital markets representation for owners and occupiers of commercial real estate in the Chicago metro market. It currently leases and manages an 80+ million SF portfolio of over 700 commercial properties throughout metropolitan Chicago, Northwest Indiana and Southeast Wisconsin. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout the world, with 7,000+ local market professionals, handling over $20 billion in transaction value and managing 425+ million SF of property. For more information, please visit www.naihiffman.com.