Thompson Thrift Retail Group, a wholly-owned company of Indianapolis-based Thompson Thrift, has acquired a 4.2 acres of land to develop a $19 million shopping center with an undisclosed nationally recognized business as the anchor in Naperville, the fourth largest city in Illinois.
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 in Naperville will play a large role in the vibrant redevelopment of the city’s East Ogden corridor, said the company. 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.”
“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.”