Joliet Crossings 2010 LLC has named Newmark as exclusive retail leasing agent for Joliet Crossings, an open-air, 37-acre mixed-use development property in Joliet, Illinois. The original owners of the project, formerly known as Tower Marketplace, have brought into the company nationally-known real estate professional Arthur G. Cohen and, together with Cohen and his associates, have concluded a financial restructuring of the project that has positioned it for success.
Cohen, an early advocate of open, mixed-use retail developments, and a team of specialists have already initiated steps to rejuvenate the project after the economic downturn. According to James Schutter, senior managing director of Newmark Retail, the new development financing and the new ownership group’s conceptual approach for the project will produce a completed center in tune with today’s financial realities and the latest trends in retailing.
Joliet Crossing sits on 37 acres along the Route 59 development corridor. The site will acommodate approximately 350,000 square feet of retail, restaurant, medical, entertainment and office space, with a highly-successful LA Fitness currently serving as an anchor tenant and producing a steady inflow of active adults.
“Consumers today want retail destinations that provide experiences, from family entertainment and wellness amenities to upscale shopping and eating options,” says Cohen. “This is a concept that the real estate industry has been refining for several years, and we envision Joliet Crossings as a prime example of where that concept is going. It’s been said that there are three secrets to successful retailing: location, location and location. We’ve looked at the numbers, and we’ve found that this location is a hot spot for overall retail expenditures relative to the national average. It also rates well above average in several categories that are integral to a development of this kind: grocery, restaurants, and entertainment.”
Cohen, Newmark and the rest of the development team have begun preliminary research and prospecting to identify potential tenants. There is strong initial interest from grocers, specialty restaurants and entertainment-themed tenants.
“Newmark Retail’s strong local presence and national reach, combined with Arthur Cohen’s extensive experience and the location and grand vision for the project, sets the stage to ensure that Joliet Crossings will be a successful development opportunity for the area,” says Schutter.
Cohen brings to the project 50 years of experience in the real estate industry and his reputation as one of the leaders in innovative retail development and the maximization of retail income in high-traffic locations. Cohen has developed more than 250 shopping malls nationwide, totaling more than 50 million square feet, including Manhattan Mall, the first indoor retail mall in Manhattan, and numerous major regional malls across the country. Among his many noteworthy non-retail projects, he partnered with the late Aristotle Onassis to develop the Olympic Tower on Fifth Avenue, the first multi-use retail/office/residential condo building on leased land. In Manhattan, he and his associates also developed the high-end Peninsula and Michelangelo Hotels. Throughout the years, he has partnered with various real estate heavyweights, including Sam Zell, the Gural family, William Zeckendorf, Sr., Larry Silverstein and Ian Schrager on various office, hotel and residential properties.
About Newmark
Newmark is one of the largest independent real estate service firms in the world. Headquartered in New York, Newmark and London-based partner Knight Frank operate from over 220 offices in established and emerging property markets on six continents. With a combined staff of 7,300 and revenues last year exceeding $861 million, this major force in real estate is meeting the local and global needs of owners, tenants, investors and developers worldwide. For further information, visit www.newmarkkf.com.