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Morton Grove Retail Trades for Repositioning
Kensington Development Partners and IM Properties have completed the acquisition of Prairie View Plaza Shopping Center in Morton Grove, IL from Canada-based Federal Construction Inc., which was represented by Edgemark Properties. Terms were not disclosed. The new owners plan a comprehensive repositioning and redevelopment of the 310,000-square-foot center.
“A well-positioned site in a demographically-rich market like Morton Grove, with extensive barriers to entry, has great potential for success,” said Kensington principal John Schoditsch. “Our goal, with the support and collaboration of Village President 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 and IM plan 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.
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