Shopping Center Gets New Owner

An old shopping center near Oswego has a new owner and may soon be getting a complete makeover.

RCG Ventures, a private redevelopment firm based in Atlanta, has purchased Settler’s Landing, the shopping center that sits at the corner of Douglas Road and Route 30.

Charlene Coulombe-Fiore, executive director of the Montgomery Economic Development Corporation, called the Settler’s Landing acquisition one of the highlights of 2010’s final quarter, and village officials said they've been hoping to see new stores in there for about a decade.

Settler’s Landing was built in 1984 and was once one of the largest of its kind in Kendall County. It housed a Kmart, Dominick’s, and Walgreens, as well as several smaller stores. But within the past 10 years, both Dominick’s and Walgreens moved out of the center, and nothing has moved in.

Three stores remain–, and restaurant–with Taco Bell and occupying outlots. According to RCG Ventures, roughly 52,000 of the 176,000 square feet of retail space in Settler’s Landing sits vacant.

Moreover, according to Matt Klump of RCG Ventures’ acquisitions department, the center’s façade and parking lot need to be rehabbed. That, he said, is part of the company’s plan and could be completed within the next two years.

“We are redevelopment specialists,” he said. “That’s what we do."

According to RCG’s website, the company has purchased and redeveloped more than 50 similar shopping centers in 12 other states. Settler’s Landing is RCG’s first purchase in Illinois, and Klump said it fit their profile well. The company also bid on a shopping center in Oswego, he said, but didn’t land it.

RCG has worked with well-known tenants, including Big Lots and Dollar General, and Klump said the company already has generated interest in the former Dominick’s location. He also said local businesses that may want to move into the smaller retail spots should contact the company.

“We’re offering below-market rental rates to local merchants,” he said. “If you don’t think you can afford it, try me.”