Kensington Development, IM Properties Acquire 310,000 SF Retail Center in Metro Chicago, Plan Redevelopment

MORTON GROVE, ILL. — Kensington Development Partners and IM Properties have acquired Prairie View Plaza, a 310,000-square-foot retail center in Morton Grove. Edgemark Properties arranged the transaction on behalf of the seller, Federal Construction Inc. The asset sold for $11.3 million, according to local media reports. Kensington Development and IM Partners plan to reposition and redevelop the 26-acre property, located 16 miles northwest of Chicago, with new retail, restaurant and entertainment options. The site also has development potential for residential, hotel and medical office uses, according to the project developers. Kensington and IM plan to maintain the existing 3,120-square-foot Bank of America outparcel, as well as the 10,500-square-foot strip center currently anchored by Starbucks Coffee. Additional tenants at the center include LA Fitness, Dollar Tree and The Room Place. A development timeline for the project was not disclosed.