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LINCOLNSHIRE, IL-A 121,671-sf retail center on 12.3 acres at the northeast corner of Milwaukee Avenue and Old Half Day Road is likely to be sold for $17.6 million to Glenview-based Rafti Properties LLC next month in a bankruptcy court sale. The center includes 22 storefronts in four buildings, and was developed nine years ago with the help of tax increment financing from this north suburban village.

Main tenants at Lincolnshire Town Center include three restaurants, Cucina Roma, Egg Harbor Café and Flatlander’s Restaurant & Brewery.

Bankruptcy court ground rules allow competing bidders, which could prompt an auction. Bidders must offer at least 4% more than Rafti Properties’ offer, or $18.3 million.

The current owner of the center, Libertyville-based Forrest Properties, Inc., reportedly was once in line to help in the village’s Downtown redevelopment efforts by extending its shopping center to the south side of Old Half Day Road.

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