Naperville, Ill. (April 25, 2011)—Ryan Companies US, Inc. has announced the construction of a 50,000-square-foot expansion of Brookside Marketplace, a 500,000-square-foot community shopping center in Tinley Park, Ill. The company started construction of the new space in April and expects to be completed with the addition in September.
The space will be leased to three different retailers: HomeGoods, which will occupy approximately 26,500 square feet of space; Old Navy, which is leasing approximately 15,500 square feet of space; and Five Below, which is leasing approximately 7,800 square feet of space.
The expansion of Brookside Marketplace is taking place on the northwest side of the property and is located just south of the Kohl’s Department Store. HomeGoods will occupy the space adjacent to Kohl’s. The Old Navy space will be in the middle, and the Five Below space will be adjacent to GNC.
“The Village of Tinley Park has been very supportive of our efforts to continue to grow and expand the center and ultimately to produce more tax revenue for the Village,” said Randy Danielson, director of development, Ryan Companies US, Inc. “Its commitment to the center, and especially this addition, reinforces the partnership that makes Brookside Marketplace a success.”
HomeGoods is an off-price home fashions store, providing a wide selection of high quality, unique home fashions, including brand and designer name merchandise at prices that are 20-60% less than finer catalog, specialty and department store prices. Founded in 1992 and part of TJX Companies, Inc. (TJ Maxx). HomeGoods operates over 325 stores across the country.
Old Navy is owned by Gap, Inc., a specialty retailer offering clothing, accessories and personal care products for men, women, children and babies. Gap, Inc. has more than 134,000 employees and about 3,100 company-owned stores and 175 franchise stores around the world.
Five Below is the leading retailer of trend-right, extreme-value merchandise to the teen and pre-teen market — all for $1.00 to $5.00. The retailer’s merchandise includes sporting goods, games, fashion accessories and jewelry, hobbies and collectibles, bath and body items, candy and snacks, room décor and storage items, stationery and school supplies and more. The company was launched by the creator and founder of Encore Books and Zany Brainy.
Brookside Marketplace, originally developed in 2005, is a community shopping center anchored by a 176,000-square-foot SuperTarget store. Located on 117 acres at 191st Street and Harlem Avenue, the other tenants of the center include Best Buy, Dick’s Sporting Goods, Michaels, PetSmart, Ulta3, Kohl’s and OfficeMax.
With this new construction, three parcels remain available for development, including outlots that can accommodate a 6,400-square-foot restaurant or retailer and a 15,000-square-foot retailer. One larger parcel, which ultimately could accommodate a 25,000-square-foot retailer, can be subdivided.
Kyle Schott of Ryan Companies is the project manager for the Brookside Marketplace addition.
Steve Baer and Gary Greenfield of Metro Commercial represented Ryan Companies in the lease transactions with HomeGoods, Old Navy and Five Below. The pair also represented HomeGoods. Skip Martin of Highview Partners Real Estate Company represented Old Navy, and Jon Reese of Great Street Realty Partners represented Five Below.
About Ryan Companies US, Inc.
Ryan Companies US, Inc. is a national builder, designer, developer and real estate manager specializing in fully integrated solutions for more than 70 years. With a mission to build lasting relationships, Ryan delivers full-service customized solutions based on industry expertise and total collaboration — pairing customers’ expectations with a specialized team of constructors, architects, engineers, developers, property managers and financiers. In its first 12 years of operation, Ryan’s Great Lakes region (based in Chicago) has completed more than $1 billion in projects for customers such as Deere & Company, Isle of Capri, Target Corporation, Dominick’s, C.H. Robinson, Froedtert Health, Cisco Systems, Hitachi, Iron Mountain and Kraft/Cadbury. Ryan serves customers throughout the United States with offices in the Midwest, Southwest, Great Lakes and Southeast regions.