Partnership Takes on Rare Undeveloped Parcel in Lake Forest

 

The more than 8 acre site is on the town’s western gateway and just east of I-94.

CHICAGO— Whole Foods may have taken a pass, but a group of investors is betting that demand will remain strong for an eight and one-half acre site on the western edge of Lake Forest, one of the Chicago region’s most affluent communities. The town’s zoning board had approved the site on the southeast corner of Saunders and Rt. 60, one block from I-94, for use as a Whole Foods grocery store, but the upscale grocer decided on a site in Vernon Hills. Pendulum Lake Forest Partners, LLC , a joint venture between Lake Forest-based Smith Capital Management, Inc. , and Northbrook-based Middleton Partners , acquired the site from a private investor this month. The purchase price was not disclosed. “We believe that a high-end grocer would be very successful in this location, given the demographics of the area,” Jason Smith , the founder of Smith Capital Management, tells GlobeSt.com. However, “the great part of this site is the flexibility that comes with a clean slate,” and the group will initially target high end retail and restaurant brands, spas, and related users as possible tenants. “This property serves as the western gateway to Lake Forest,” Smith adds. “With this acquisition we are in a unique position to create opportunities that cater to the residents of Lake Forest and surrounding residential neighboring communities, while servicing the amazing traffic patterns, and large daytime office population in desperate need of services.” Smith says that a high-end retail development at this site will benefit from the daytime density in the area and its unparalleled location. Approximately 15,000 people work within a few miles of the site at employers such as Hospira , Abbott , Abbvie , Tenneco , Lake Forest Academy , Chicago Bears , Trustmark , Brunswick , Horizon Pharma , Grainger , and many more. But the new owners also believe that based on recent developments in the area, and prior zoning solicitations, the site is well-suited for a variety of uses including office, retail, hotel or even residential. No users have committed to the property at this time. “What we ultimately deliver to this site, and to the Lake Forest community, will complement and enhance the area,” Smith says. “This is a great opportunity for what is one of the last remaining undeveloped parcels in the area.”