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FOREST PARK, IL-The 7,685 sq. ft. Forest Green Plaza in this west suburb of Chicago has been sold for $1.285 million. In addition to selling at $167 per sf, the retail center at 315 S. Harlem Ave. was traded at a 9.8% capitalization rate.

In addition to longtime tenants Subway and BoRics Hair Salon among its six-store roster, the deal also includes a 2,500-sf development site. The property is located on a heavily-traveled street that serves as the boundary between Forest Park and Oak Park, about a half-mile north of the Eisenhower Expressway.

Earlier this summer, the village of Oak Park paid $1.985 million for a parking lot at South Boulevard and Maple Avenue. It already owned an parcel with Harlem Avenue frontage, about three blocks north of Forest Green Plaza. The village hopes to entice a retail developer for the site, which is across the street from a Chicago Transit Authority Green Line station.

“Given the high level of interest in the village by developers, we felt it was important to be able to control future use of the property to ensure that any plans are in the best interest of the community,” says Village Manager Carl Swenson.

The site became available when Lou Fabbri decided to close his MarLac Banquets facility at 141 S. Marion, just east of the parking lot. The village will use the land for metered parking spaces in the short term.

Associate Dan Stratis and senior broker Joe Kunst, both of Oak Brook-based Inland Real Estate Sales, co-brokered the sale with John Tsichlis of Arc Real Estate.

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