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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.