An Arkansas company has paid $20 million for a 90% occupied mall in suburban Chicago, indicating a rebound in retail as concern over the virus ebbs.
Woodard Properties purchased the 50,000 square foot complex at 840 South Waukegan Road in Lake Forest from Green Courte Partners, according to a statement from Marcus & Millichap, which represented the buyer.
“The limited supply of large-scale shopping centers in Lake Forest has prompted multiple offers from out-of-state investors,” including New York, California and Arkansas, Marcus & Millichap’s Stephen Lieberman said in a statement. interview. Green Courte found Woodward less than two months after the property came on the market in late October, he said.
Green Courte, known for buying manufactured home developments, developed the property in 2008. Its proximity to the Lake Forest Metra station, upgrades such as heated underground parking and low vacancy rates were part of the appeal . Tenants include Lake Forest Family Dental, Jimmy Johns and Starbucks.
The Greater Chicago Area retail market showed signs of improvement in the fourth quarter. Vacancy rates from October to December fell to 11.5% from the previous quarter. The rate for Chicago’s far northern suburbs, which includes Lake Forest, was 9.1%, according to CBRE.
Chicago’s biggest commercial real estate sale last year was Evergreen Plaza Shopping at 9500 to 9700 South Western Avenue, for which California-based investment firm LBX Investments paid $67 million. That’s just shy of the $71 million price tag for a Whole Foods Market sold in May 2020 in Lakeview, the most for a Chicago-area grocery store since the pandemic.