CHALLENGE
280 N Randall Road is a newer construction retail center in Lake in the Hills, IL. The development reached full occupancy upon completion with Dunkin’ Donuts and Athletico both signing long-term leases. Brookline managed the center for several years. Dunkin’ Donuts’ lease was set to expire in the coming months. Athletico had three years remaining. Ownership wanted to maximize the value for a sale, something that would have been difficult to do with the existing leases. The building’s owners looked to Dominick and Brookline to analyze the investment offering, increase value and begin the marketing process.
ACTION
Brookline was enlisted as selling broker for the center in addition to their current property management services. Dominick and his team first completed all necessary and open management projects. The aim was to make the center a more long-term and stable offering in a higher price point tier.
RESULT – LEASING
• Brookline successfully got Dunkin’ Donuts to extend their five-year lease option as-is with no re-negotionation of terms
• Brookline was able to negotiate a five-year extentsion to add on to Athletico’s current lease, bringing Athletico to an eight-year lease
RESULT – SALE
• Brookline procured multiple offers from national buyers, ultimately closing with a 1031 buyer
• Buyer chose to retain Brookline Property Management services
• Sold at full occupancy
• Sale Price – $2,625,000
TESTIMONIAL
“Our investor group decided to explore the option of selling the building at 280 N Randall Road in Lake in the Hills. We were concerned about the remaining length of the leases and how it might affect our sale price. Dominick suggested trying to extend the current leases to make it a more attractive investment. He ultimately brought us a 1031 buyer and we closed at a number we were happy with.
