Lockport Square is a 41,913 square-foot, newer-construction retail center located southwest of Chicago in Lockport, IL. The Brookline team previously represented the buyer for the property as a value-add investment at 40% occupancy. After closing, new ownership then hired Brookline for both leasing and property management services.
Existing leases were extended including Dollar Tree, Sherwin Williams, T-Mobile, and Mary Sears Daycare, who expanded from 4,500 square feet to 9,500, and demonstrated commitment to the location by adding a large and modern outdoor play area. Maintenance and improvements were enhanced across the board, making the property more welcoming to visitors during all seasons.
The property at 16101-16151 S Farrell Road was eventually improved from 40% occupancy to 95%. After an aggressive marketing campaign, Lockport Square was sold for 96% of its asking price to an out-of-state, 1031 Exchange buyer.
Find out more about Brookline’s leasing, management, and sale process at Lockport Square here.