Cermak Plaza – Berwyn, Illinois
Owner: Cermak Plaza Associates LLC
A 310,988 square foot community shopping center built in 1957 and renovated 1996, 2010-2016. CRC/NSC replaced, expanded or relocated more than 98% of the tenants at Cermak Plaza including adding Walgreens and Long Horn Steakhouse to out parcels and precipitating the redevelopment of the McDonalds and NASCAR Car Wash out parcels. Additionally, 39% of the Cermak Plaza was demolished for new construction of a Meijer (90,257 sf), Ross (27,037 sf), and Avenue (3,474 sf). 34% of the occupancy was remodeled, relocated and/or expanded including Marshalls (33,613 sf), K&G Menswear (23,873 sf), Gap Factory Outlet (8150 sf), Dollar Tree (13,695 sf), Office Depot (19,857 sf). The redevelopment included an award winning, innovative façade accented by LED lighting, a new parking lot, additional landscaping, upgraded lighting and electrical systems, underground on-site water detention and wind turbines. Challenges that had to be overcome included asbestos abatement from most interior spaces, leaking underground storage tanks and poor soil conditions that required geotechnical engineering, in addition to several tenant bankruptcies. Concordia was able to secure financial incentives from the City of Berwyn in the form of a $600,000 Sales Tax Rebate to assist with a façade remodel and a $1,500,000 Tax Increment Financing agreement to assist with the Ross development. Cermak Plaza Associates have reaped the gains of a 100% occupied property and a 312% increase in Net Operating Income.