Brookline Real Estate Sells Lockport Square Retail Property In Lockport, IL For $9.95M

Lockport Square, a retail property located at 16101-16151 S Farrell Road in Lockport, IL, has been sold for a price of $9,950,000. The property spans a total area of 41,913 square feet, resulting in a price of approximately $237 per square foot. The sale took place on 08/08/2022 and was facilitated by Brookline Real Estate, LLC, with Bill Lundy and Dominick Cannata serving as the seller's representatives.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $9,950,000
• Address: 16101-16151 S Farrell Road, Lockport, IL
• Market: Lockport, IL

Brookline brokers Bill Lundy and Dominick Cannata successfully attracted internet-resistant retailers, resulting in an increase in occupancy at Lockport Square from 40% to 95%. Their diligent efforts led to an aggressive marketing campaign, which ultimately culminated in the sale of the property for 96% of its asking price. The buyer, an out-of-state entity involved in a 1031 Exchange, acquired the property. In the process, Brookline Real Estate, LLC added substantial value to the asset, exceeding their client's initial purchase price by over 250%. It is worth noting that the new owner has chosen to retain Brookline's Leasing and Property Management services moving forward.