New Owners Plan Yorktown Upgrade
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|After years of investing in other things, the deep-pocketed KKR has formed a real estate investment arm, and the very first property it bought was Yorktown Center in Lombard for $196M, along with partner YTC Pacific. Until it was sold, the 1.5M SF Yorktown represented an increasing rarity in the world of US regional malls—it had been privately owned since its development more than 40 years ago. The new owners plan to make some improvements and find tenants that complement the existing mix but plan no radical change, according to Pacific Capital Retail Partners managing principal Steve Plenge. (Pacific and Collarmele Partners joined forces to form YTC Pacific.) Steve tells us that the goal is increase the mall's productivity of $350/SF to $400/SF in the next two years.|