Chicago-based Hubbard Street Group and Keeler Real Estate have closed on the joint acquisition of a 15-acre shopping center in Oak Lawn, Illinois in Chicago’s southwest suburbs. The development team acquired the property from Kimco Realty.
The 183,893-square-foot Oak Lawn Shopping Center at 95th Street and Pulaski Road was formerly anchored by a Kmart, which recently closed. Now 15 percent occupied, the center currently houses a LongHorn Steakhouse, JPMorgan Chase, Lumber Liquidators, Pep Boys and Payless ShoeSource.
With its location across from a Home Depot, Target, Jewel-Osco, Portillo’s, Walgreens and near Advocate Christ Medical Center and Advocate Children’s Hospital, developers are confident the redeveloped center will draw a variety of interest from users. Potential tenants could include restaurants, retail, medical office, hospitality or auto dealers. CBRE‘s George Good, executive vice president and Christian Williams, senior vice president, represented Kimco in the deal.