Asking lease rates at the property range from $20 to $25 per square foot, net, according to Jeffrey J. Kowal, SVP with Edgemark Commercial Real Estate Services LLC, which represented the seller, Lockport LAD LLC, in the deal. Rahul Patel with Realty Executives Suburban represented the buyer.

Kowal would not disclose the sales price for the retail center. Similar properties in the southwestern suburbs are selling for about $200 to $300 per square foot, such as the 27,000-square-foot Two Rivers Plaza in Bolingbrook selling for $8 million. "The sellers were getting up in years and looking to make their lives a little less complicated," Kowal tells GlobeSt.com. "The buyers were interested in the property because they live out in that area and thought it was a great property with great visibility and identity. There is also great access to the property, which is right at a major four-way intersection."

Kowal says the property is located in a growing suburban submarket. New development in the area includes a large retail center in the works just to the east of Lockport Center, which will be anchored by a Target, Kowal says. "This appears to be doing very well as a submarket," Kowal says. "Lockport is a growing area with a lot of new residential construction and development. It's great retail property and good solid-anchored shopping center."