Brookline Real Estate Sells Lockport Square Retail Asset For $9.95M

Lockport Square, a retail property located at 16101-16151 S Farrell Road in Lockport, IL, has been sold for $9,950,000. The property spans 41,913 square feet, resulting in a price per square foot of $237. The sale was facilitated by Brookline Real Estate, LLC, with Bill Lundy and Dominick Cannata representing the seller.

Summary of transation details

• Property Type: Retail
• Transaction Amount: $9,950,000
• Address: 16101-16151 S Farrell Road, Lockport, IL
• Square Footage: 41,913
• Price Per Square Foot: $237
• Seller's Broker: Bill Lundy & Dominick Cannata - Brookline Real Estate, LLC

Brokers Bill Lundy and Dominick Cannata successfully attracted internet-resistant retailers to Lockport Square, resulting in an increase in occupancy from 40% to 95%. Their aggressive marketing campaign led to the property being sold for 96% of its asking price to an out-of-state, 1031 Exchange buyer. The sale represents a significant value increase, as Brookline Real Estate, LLC was able to sell the asset for over 250% of their client's purchase price, adding more than $6,000,000 in value. The new owner has chosen to retain Brookline's Leasing and Property Management services.