By Jennifer Eisenbart
Editor
A Burlington strip mall hit heavily by the recession in the last eight years has a new owner.
Joseph Devorkin, the managing member of Fox River Plaza LLC, closed on the property Sept. 26.
“We purchased the property for the abundant upside and potential the property has,” he explained. “Really great site, really strong anchor.”
Devorkin said there is already strong interest in the open spots on the property, including the empty space once occupied by Kmart. He said there is no timetable for announcements of new tenants, but he hopes there will be some in the next six months.
“Hopefully sooner,” he added.
Mayor Jeannie Hefty said that she hoped a new owner would help revitalize the strip mall, which currently houses just four businesses – Dunham’s, Pizza Hut, Beltone and Subway. Kentucky Fried Chicken, located in one of the out lots – as well as a small coffee kiosk – remain in business as well.
“I am very excited for Burlington,” Hefty said Monday night. “I truly feel this new ownership will truly bring this strip mall back and beyond expectations.”
The strip mall took a hit in 2011 when Kmart decided to close its doors. The retailer, one of two large anchors at the chain, was in the midst of nationwide downsizing.
Pick ‘n Save had already moved to its new location in 2009, which left the small stores in the middle without the large stores to drive further traffic. Among the casualties included Burlington’s Hallmark store and George Webb, while two other stores moved out of the complex (and one, Fashion Bug, later closed completely).
Devorkin said Tuesday the recession wasn’t precisely the cause of the strip mall’s struggles.
“Any center in the United States that loses an 85,000 anchor is going to hurt,” he said, referring to the complex losing Kmart.
He could not confirm any of the potential tenants, but did deny that one would be Buffalo Wild Wings – a rumor that had sprung up in the city.
“Our rents will be market rate, very reasonable,” he said.
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