Asking lease rates at the property range from $20 to $25 persquare foot, net, according to Jeffrey J. Kowal, SVP with EdgemarkCommercial Real Estate Services LLC, which represented the seller,Lockport LAD LLC, in the deal. Rahul Patel with Realty ExecutivesSuburban represented the buyer.

Kowal would not disclose the sales price for the retail center.Similar properties in the southwestern suburbs are selling forabout $200 to $300 per square foot, such as the 27,000-square-footTwo Rivers Plaza in Bolingbrook selling for $8 million. "Thesellers were getting up in years and looking to make their lives alittle less complicated," Kowal tells GlobeSt.com. "The buyers wereinterested in the property because they live out in that area andthought it was a great property with great visibility and identity.There is also great access to the property, which is right at amajor four-way intersection."

Kowal says the property is located in a growing suburbansubmarket. New development in the area includes a large retailcenter in the works just to the east of Lockport Center, which willbe anchored by a Target, Kowal says. "This appears to be doing verywell as a submarket," Kowal says. "Lockport is a growing area witha lot of new residential construction and development. It's greatretail property and good solid-anchored shopping center."