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Green Courte Invests $47M in Three Projects

LAKE FOREST, IL-The company is investing $47 million in projects, mostly retail, totaling more than 132,000 sf.

By Gina Kenny | Updated on February 11, 2007

(For more retail coverage, click GlobeSt.com/RETAIL.)

LAKE FOREST, IL-Green Courte Partners is investing $47 million in three retail projects, including two in the Chicago suburbs. The real estate investment firm has purchased 50,499 sf of retail buildings in Long Grove, is investing in a 50,076-sf retail and office project in Lake Forest, and is investing in a 31,428-sf mixed-use project in Steamboat Springs, CO.

The firm recently purchased a collection of 12 retail buildings in Long Grove’s historic downtown district. With more than 50,000 sf, the purchase is approximately half of the retail in the village. The collection has an approximate 90% occupancy rate and includes the Pine Cone Shop and Long Grove Confectionary. The average lease rate is in the “low to mid $20s” per sf, says Bob Duncan, managing director of Green Courte. The company purchased the properties from Mangel Investments LP. Mangel principal John Mangel will continue to operate four of the properties. Howard Wiese, senior investment associate with Marcus and Millichap, brokered the sale.

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