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CRESTWOOD, IL-A banquet hall in this southwest suburb will soon be booked by a demolition crew, and ultimately replaced by a retail center. Chicago-based Centrum Properties has paid nearly $3 million for the 22,600-sf Rosewood West Banquet Hall at 4756 Cal Sag Rd., which sits on a 1.8-acre site at the northeast corner of Cicero Avenue.
Property records show the Centrum's purchase from Houle Enterprises was financed by a mortgage from LaSalle Bank. Houle Enterprises has operated a restaurant and banquet hall at the property for 30 years.
Attractions included a traffic count of more than 50,400 vehicles per day along Cicero Avenue, as well as an estimated average household income of $63,000 within the site's three-mile trade area, according to CB Richard Ellis' Carole Borg. Traffic generators include Target, Kohls, Menards, Office Max and Best Buy, which already have set up shop at the intersection. Borg represented Houle Enterprises along with Lynne Brackett.
Centrum Properties is master developer of the Kingsbury Park residential project northwest of the Loop, but also is one of the largest builders of Walgreen Co. outlets in the Midwest US. It also has built stores for Borders Books in Chicago and Deerfield.
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