280 N Randall Road is a newer construction retail center in Lake in the Hills, IL. Brookline was able to increase the value of the center by completing multiple management projects and extending all leases.

The property was sold to a 1031 Exchange buyer who chose to retain Brookline’s management services.

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. The owners approached Dominick about selling the center to free up capital for another project. 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.

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. Dunkin’ Donuts was then approached about exercising their five-year option. Athletico was approached about negotiating an early lease extension to strengthen the investment. The aim was to make the center a more long-term and stable offering in a higher price point tier. The Brookline team then gathered the other necessary data – leases, income expense reports, comparable property history – and heavily researched the trade area to begin marketing the center for purchase. A comprehensive marketing strategy was then launched to attract lower cap rate buyers, private investors, institutional investors as well as 1031 exchange buyers. Through vigorous internet, email and social media marketing targeting investors and brokers, 280 N Randall Road was presented to a large network of qualified and viable candidates.

Find out more about Brookline’s process and progress at 280 N Randall Road here.