Historic Market Square Sold for $35.5M

CHICAGO—Retail investors have largely stopped hunting for deals in outer suburbs, and instead, have focused on the security provided by properties tucked into affluent urban areas and wealthy suburbs. L3 Capital, for example, a Chicago-based real estate investment firm that focuses on institutional-grade retail properties, has just acquired Market Square, a historic retail property with 26 retailers and restaurants in suburban Lake Forest, for $35.5 million.

“This is the most iconic property on the North Shore,” said Michael Schreiber, principal at L3 Capital. “Market Square has been a staple in this area for nearly a century and we believe our strategy of acquiring the best retail properties in top-tier cities will translate well here. The North Shore, and Lake Forest in particular, is one of Chicago’s premier residential areas with impressive demographics. We are confident this investment will yield significant long-term value for our firm.”