Village officials announced that the Rollins Crossing Shopping Center in Round Lake Beach has been purchased by a national firm that has plans for redevelopment of the center.
The Village of Round Lake Beach said Wednesday that the Rollins Crossing Shopping Center on Rollins Road near North East End Avenue has been sold to PMAT Companies.
The company, a national real estate development firm based in New Orleans, Louisiana, has invested in over two million square feet in suburban Chicago over the last 10 years.
PMAT Companies closed on the parcel last week and will begin development meetings with the Village of Round Lake Beach in April.
The parcels purchased include developments running from the vacant lot located next to Regal Theater to the eastern edge of the former Kmart store, which is not part of the purchase.
“We are genuinely excited to have PMAT come in to enhance the Rollins Crossing Shopping Center to make it more appealing to retailers and residents alike,” Round Lake Beach Mayor Scott Nickles said.
“We look forward to working with them on all the improvements and enhancements they plan to make,” Nickles said.
The Rollins Crossing Shopping Center purchase includes the outlot parcels occupied by Harbor Freight, Jersey Mike’s and other retailers.
PMAT said the plans for the shopping center include renovated and updated parking lots, storefront facade improvements, lighting upgrades and other improvements aimed at attracting new businesses.
The village and PMAT say they also plan to work together to facilitate additional construction on developable land included in the purchase.
PMAT has over 100 transactions with an aggregate value of over $1.5 billion, consisting of more than 13 million square feet across 15 states, according to the company.
“Round Lake Beach has historically been an overlooked market despite a dense population and significant purchasing power,” said PMAT Companies President Kevin L. Kush.
“This market has a high potential and is prepared for significant activity, including our planned redevelopment. We look forward to partnering with the Village of Round Lake Beach to improve the property and to bring our tenant partners to this community,” Kush said.
The vacant lot located between Regal Theaters and L.A. Fitness in the Rolling Crossing Shopping Center is part of the purchase and due to be developed, village officials said.
Village officials said the Kmart property, which is not included in the sale of the shopping center, remains in court due to the village’s condemnation lawsuit.