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[IMGCAP(1)]FRANKFORT, IL-Crown Center has been sold for more than $7.5 million. A developer, based here, sold the 48,000-sf mixed-use center and 1.1-acre outlot after completing Crown Center last year, says Paul Montes, broker with Inland Real Estate Sales Inc.

The development is located at the southwest corner of LaGrange Road and Lincolnway Lane at 20606 S. LaGrange Rd. and 9645 W. Lincolnway Ln. Montes, Eric Spiess and Mitch Silverman, all with Oak Brook, IL-based Inland Real Estate Sales, represented the seller in the sales transaction.

[IMGCAP(2)]The buyer “wants to diversify his portfolio in the southwest suburbs,” Montes says. The property, which has office and retail space, is about 30% leased, Spiess says.

Tenants include Prudential Financial, Salon Rhapsody and Flectere Health and Tanning Center. The asking lease rate is between $18 per sf and $22 per sf, triple net, depending on the space, Mantes says.

The outlot could have a single-story 5,000-sf retail or office building constructed on it; although, there are no immediate plans to do so, Montes says. The center has frontage on LaGrange Road and is adjacent to Lincoln Way East High School.

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