Chicago & Midwest + Greater Chicagoland + Retail | February 7, 2019

JV Plans to Reposition Burr Ridge Village Center

Edwards Realty Company and Core Acquisitions have formed a joint venture to revitalize the Burr Ridge Village Center in Burr Ridge, IL. The 200,000-square-foot retail property at 701 Burr Ridge Pkwy. was originally built in 2007.

The JV acquired the property last month for $15 million, a fraction of its original $85-million construction cost.

“The Burr Ridge Village Center has been in need of new leadership, and working with Core Acquisitions, we intend to make it a true village center with a downtown atmosphere that encompasses more entertainment, more food and more retail,” said Ramzi Hassan, president of Edwards. “Our plans will take it from a typical shopping center to one that embraces consumer appeal.”

The tenant base includes the only Kohler Waters Spa in Chicagoland, one of the most successful Life Time Fitness Centers in the country, Victoria’s Secret, Bath & Body Works, Chico’s, J. Jill, Lenscrafters and Starbucks.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).