So When Is That Highland Park Village Sale Going To Happen?
The venerable Highland Park Village is in the process of being sold by the Henry S. Miller family to a man named Ray Washburne, CEO of Charter Holdings. And why do you care? Because neighborhood shopping centers have an intrinsic fiscal relationship with the homes that surround them — great shopping centers enhance home values and quality of life, bad ones suck values down like a vortex. Our sister blog Overheard and DD contributor Josh Hixson reports that the new owner may be booting trainer to the stars Larry North from his digs, most likley because Miller gave North a sweet rent deal that Washburne may not be able to stomach given the current economic climate and precious price he’s paying for what many consider the most prime retail space in America. (Would you like a rent in the realm of $17 per square foot when the going rate is $80 to $100 plus triple net, no finish-out? Me too. ) Though Miller threw in a Hail Mary to up the price, my sources tell me the deal is just minutes from the finish line. Now wonder if they are keeping the theatre?
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In this economic climate, just who does Washburne think is going to take that space at $100 + net/net/net? The tooth fairy?
?!?!? $17psf?!?!?!? That is unbelievable. Larry should thank Henry for the great years, and HUGE profits, and move on. Wow.
He can put another bank up there! that is all we have now.
What happened to the good old days of walking across the street after school to 7-11? Now that would be a hit.
Hmmm… What is Charter Holding’s reputation for when they takeover properties such as this? Remember what the Highland Park Shopping Village used to be like prior to Henry S. Miller? They rehabbed that space well; it was like taking Lindsey Lohan and turning her into Kate Winslet. I would hate to see them regress rather than progress.
P.S. Everyone should join Equinox on Oak Lawn. It is divine! Especially the sectioned-off higher-cost areas, and don’t get me started on the valet service! You have to pay to play!!!
I heard from a very good source, that the theatre is leaving. One thing that they are considering…very upscale hotel.
Methinks the revitalization of HPV includes the addition of 3 new MiCocinas.
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