Marcus & Millichap brokered the $19.75 million sale of Forest Square, a 53,122-square-foot trophy mixed-use property located at 840 S. Waukegan Road in Lake Forest, Illinois, according to Joe Powers, regional manager of the firm’s Chicago Downtown office.
Stephen Lieberman, first vice president of investments in the firm’s Chicago Downtown office, represented the seller, GCP Forest Square LLC. The purchaser, Woodard Properties LLC, was unrepresented.
“Timing proved to play a critical role for both parties and the seller and buyer walked away from the transaction with a win,” said Lieberman. “The seller was able to maximize value by timing its exit sale strategy while interest rates are relatively low and compelling for purchasers to push pricing. The purchaser satisfied a large 1031 exchange, secured excellent long-term financing and executed flawlessly during the sale process.”
Constructed in 2008, the office and retail property benefits from its location adjacent to the Lake Forest Metra station. The building was nearly 90% occupied at the time of sale, with a diverse tenant roster including Lake Forest Family Dental, Envision Health, Physical Therapy of Lake Forest, The Hearing Lab, Abbott Laboratories, LoMastro Performing Arts Academy, Lou Malnati’s Pizzeria, Jimmy Johns and Starbucks.
Over the years, ownership has continued to make capital improvements to the property, including modernized HVAC systems, asphalt/concrete replacements and new tenant directory stone signage. The property also offers a below-ground heated parking garage with 51 spaces.