Rollins Crossing shopping center in Round Lake Beach has been sold with plans for redevelopment. A vacant lot next to the former Regal Cinemas, which will be renovated/converted to a family entertainment center is part of the sale but a long vacant Kmart store, is not.
Courtesy of village of Round Lake Beach
Round Lake Beach officials for the second time in recent weeks have announced planned redevelopments by out-of-town developers on a key commercial corridor.
Rollins Crossing shopping center, just south of the village municipal complex, has been sold to New Orleans-based PMAT Companies, a national real estate developer, according to the village.
The purchase includes an empty lot between the former Regal Cinemas and LA Fitness and buildings to the west up to but not including the long vacant former Kmart store. The sale also includes parcels on the property along Rollins Road occupied by Harbor Freight, Jersey Mike’s and other retailers.
Plans for the center include renovated and updated parking lots, storefront facade improvements, lighting upgrades and other features designed to attract new business.
The real estate development and investment company has been acquiring and renovating shopping centers since 2003. According to the website, PMAT has made transactions on about 14 million square feet of primarily grocery, off-price, discount and fitness anchors in suburban open-air retail centers in 17 states.
In Illinois, company holdings include centers in Romeoville, Batavia, Orland Park, Crystal Lake and now Round Lake Beach. PMAT has relationships with Dick’s Sporting Goods, Burlington, T.J. Maxx, Best Buy, Five Below and other national retailers.
“Round Lake Beach has historically been an overlooked market despite a dense population and significant purchasing power,” PMAT President Kevin L. Kush said in the announcement.
“This market has a high potential and is prepared for significant activity, including our planned redevelopment,” he added.
Specific stores for Round Lake Beach have not been announced but the company has plans for the vacant site and possibly other out lots, said Mayor Scott Nickles.
“We’re going to get one more nice-sized what they call a mini-anchor and they’ll get the rest of the vacant spaces filled,” Nickles said.
Earlier this month, the village announced Thakkar Developers wants to repurpose the empty Regal Cinemas to a family entertainment center.
Late last year, Pizza Ranch, one of the largest pizza chains in the Midwest, announced plans to open its first suburban Chicago location just east of Rollins Crossing. The project generated interest, Nickles said.
“It’s beautiful to know the community is getting noticed,” he said. “Our goal is to bring excitement back to that (Rollins corridor) area.”
The former Kmart, which has been vacant 10 years or more on the western edge of Rollins Crossing, is a wild card. The village has filed a condemnation suit but is hopeful the issue can be settled before it proceeds in court, Nickles said.
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