New Metropolitan Square Owner Working to Revitalize Center
The Daily Herald reports that the new owner of Metropolitan Square is trying to generate interest in the shopping center.
The new owners of the Metropolitan Square development are in negotiations with several potential new tenants, the Daily Herald reported.
“We're in the middle of renovations and working with all the existing tenants on renewing leases. We're excited about the future. I think we'll see some new tenants come in throughout the rest of this year and early next year as well,” Nate Paul, president and CEO of World Class told the newspaper.
Metropolitan Square has had struggled since opening in 2006. The shopping center had numerous vacancies and eventually went into foreclosure. World Class Capital acquired the distressed $17 million loan for about $6.5 million through a transaction from LNR Partners, LLC, Patch previously reported.
In June, Patch reported that Paul and his company were reaching out to groups that had previously been interested in the property, but were unable to make a deal.
For example, in May the owners of Emerson Ale House in Mount Prospect were unable to reach an agreement, in part because the property still was embroiled in foreclosure proceedings.