Naperville, Ill. — NewQuest Asia-Pacific Retail is scheduled to break ground in February on the redevelopment of a former Dominick’s-anchored shopping center in Naperville. The Houston-based developer acquired the 140,892-square-foot property eight months ago in an off-market transaction. The 27-year-old center is 35 percent leased.
NewQuest Asia-Pacific Retail specializes in development opportunities in markets with Asian-dense populations. The developer plans to reposition the Naperville shopping center with an Asian focus and incorporate green spaces. To date, roughly 62,000 square feet of leases are in various stages of negotiations, including a commitment from a specialty grocer. Teso Life, a Japanese fashion casual store, is leasing 18,016 square feet. Completion is scheduled for summer 2025.