(For more retail coverage, click GlobeSt.com/RETAIL.)

|

LAKE FOREST, IL-Green Courte Partners is investing $47 millionin three retail projects, including two in the Chicago suburbs. Thereal estate investment firm has purchased 50,499 sf of retailbuildings in Long Grove, is investing in a 50,076-sf retail andoffice project in Lake Forest, and is investing in a 31,428-sfmixed-use project in Steamboat Springs, CO.

|

The firm recently purchased a collection of 12 retail buildingsin Long Grove's historic downtown district. With more than 50,000sf, the purchase is approximately half of the retail in thevillage. The collection has an approximate 90% occupancy rate andincludes the Pine Cone Shop and Long Grove Confectionary. Theaverage lease rate is in the "low to mid $20s" per sf, says BobDuncan, managing director of Green Courte. The company purchasedthe properties from Mangel Investments LP. Mangel principal JohnMangel will continue to operate four of the properties. HowardWiese, senior investment associate with Marcus and Millichap,brokered the sale.

|

Green Courte recently closed on a convertible mezzanine debtinvestment for the Fiore Square development at 840 S. Wauegan Rd.in Lake Forest. "It is arguably the last piece of land availablepretty much anywhere in Lake Forest for a retail development ofthis nature," says Randy Rowe, chairman of the company. The50,076-sf transit oriented development will have a mix of retailand office space within walking distance to a Metra train station.Fiore Square is a joint venture between Westminster Partners LLCand Swanson Development LLC, both of Lake Forest, and was designedby Swanson+Donahue Architects.

|

The Fiore Square development is currently 35% preleased.Starbucks has already signed on as a tenant for 1,825 sf. Othertenants will include Westminstire Partners, a dry cleaners and dayspa. Several other leases are in negotiation, including one with a"Chicago brand name restaurant," Duncan says. "We are early in theprocess but we are seeing very strong interest and activity," Rowesays. Lease rates range from $32 to $40 per sf. The project shouldbe complete by October.

|

The firm also recently acquired a 90% joint venture interest inthe Alpenglow development at Sixth Street and Lincoln Avenue inSteamboat Springs, CO. The project consists of 23,845 sf ofcondominiums, 6,306 sf of retail and 1,277 sf of residential rentalunits. Construction has already started and the projected should becomplete in the early part of next year, Duncan says.

|

"We are looking for really hard to replicate main street retaillocations," Rowe tells GlobeSt.com. "Locations that have typicallyhigh barriers to entry; are locations that people want to get outand walk…and where we believe, over time, there is going to beincreased demand." Rowe and Duncan say they could not disclose theprices for the individual project but that the total expenditurewas $47 million. "Under our arrangements with sellers, we did notindividually report sale prices," Rowe says. The investments arepart of a fund that has about $120 million of equity and is about60% invested.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.