Two more suburban shopping centers have fallen on hard times amid a recovering but still weak retail leasing market.
The owners of the Buffalo Grove Town Center, a 132,000-square-foot property in Buffalo Grove, and the 74,000-square-foot Towne Center Promenade Shopping Center in Deer Park have both missed mortgage payments in recent months, according to loan reports from Bloomberg L.P.
The properties’ struggles underscore the challenge facing many shopping center owners today. Though retail occupancies are rising again, many tenants have been able to wring major concessions out of landlords when they renew leases, depressing property revenues.
