Thompson Thrift Retail Group Announces Shopping Center Development in Naperville, Illinois

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Sep 29, 2020, 09:00 ET

CHICAGO, Sept. 29, 2020 /PRNewswire/ -- Thompson Thrift Retail Group, a wholly-owned company of Indianapolis-based Thompson Thrift, announced today the acquisition of 4.2 acres of land in Naperville for the development of a $19 million shopping center with an undisclosed nationally recognized business as the anchor. Construction is scheduled to begin in the fall with an anticipated opening in late 2021.

Strategically located at the northwest corner of East Ogden Avenue and North Naper Boulevard, the 46,000-square-foot shopping center will play a large role in the vibrant redevelopment of the city's East Ogden corridor. Thompson Thrift Retail Group will make use of a long-vacant site that used to be the site of the Fair Oaks Ford dealership. The new shopping center will sit directly across from Naperville's second Costco Warehouse, also in development, and will be near several other recently established shopping and dining options in the area, including the first U.S. location of the Australian Mexican restaurant, Guzman y Gomez, Culver's, Andy's Custard and a new strip mall which contains a Starbucks.

"Naperville's strong fundamentals in terms of employment, education, safety and overall quality of life make it one Chicago's most sought-after suburbs," said Ryan Menard, vice president of development for Thompson Thrift Retail Group. "We are pleased that in an environment that has pushed many to the sidelines that our team's reputation for execution and excellence allowed us to acquire a vital property with a signed anchor tenant that will be well-received by the community."

Located just 28 miles west of Chicago, Naperville is the fourth largest city in Illinois and ranks near the top of several "best-of" lists. According to Niche.com's 2020 rankings, Naperville received an overall A+ grade and is the:

#1 Best City to Raise a Family in America
#1 City with the Best Public Schools in America
#3 Best City to Live in America
#5 Best City to Buy a House in America

In 2017, Naperville was named America's safest city, and it has been featured on Money magazine's Best Places to Live List seven times since 2004. In addition, residents of Naperville are well-educated with two-thirds holding a Bachelor's degree or higher. The Naperville median household income is more than double that of the U.S. average. The city is also home to several major employers, such as Edward Hospital & Health Services, Nokia, Nicor Gas and BP.

"Many developers have wanted to redevelop this gateway parcel over the years," said Christine Jeffries, president of Naperville Development Partnership. "We are pleased that Thompson Thrift will be moving forward with their plans and will add another link to our efforts to revive business growth along Ogden Avenue."

This is the first project for Thompson Thrift in Naperville, but the company maintains a robust pipeline to maintain its furthered growth in key markets throughout the U.S.

Thompson Thrift Retail Group is a full-service real estate development company focused on ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest. During the past 30+ years, Thompson Thrift has invested more than $2.2 billion into local communities and has become known as a trusted partner committed to developing high-quality, attractive retail and multifamily projects.

About Thompson Thrift Real Estate Company

Thompson Thrift is an integrated full-service real estate company with offices in Indianapolis and Terre Haute, Ind., Houston, Texas, and Phoenix, Arizona. Three service pillars drive Thompson Thrift's success—Thompson Thrift Retail Group which is focused on ground-up commercial development, Watermark Residential which is focused on upscale multifamily communities and luxury leased homes, and Thompson Thrift Construction, a full-service construction company. Through these business units, Thompson Thrift is engaged in all aspects of acquisition, development, construction, leasing, and management of quality multifamily, mixed-use, retail and office projects across the country. We are passionate about our customer's success and strive to ensure our projects not only meet the needs of our customers but also the communities we serve. For more information, please visit www.thompsonthrift.com.

Contact:

Jennifer Franklin
Spotlight Marketing Communications
949.427.1385
[email protected]

SOURCE Thompson Thrift