Business

Marcus & Millichap brokers $19.75 million sale

Posted February 27, 2022 12:00 am

LAKE FOREST - Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it brokered the $19.75 million sale of Forest Square, a 53,122-square-foot trophy mixed-use property located at 840 S. Waukegan Road in Lake Forest, according to Joe Powers, regional manager of the firm's Chicago Downtown office.

Stephen Lieberman, first vice president of investments in the firm's Chicago Downtown office, represented the seller, GCP Forest Square LLC. The purchaser, Woodard Properties LLC, was unrepresented.

"Timing proved to play a critical role for both parties and the seller and buyer walked away from the transaction with a win," said Lieberman. "The seller was able to maximize value by timing its exit sale strategy while interest rates are relatively low and compelling for purchasers to push pricing. The purchaser satisfied a large 1031 exchange, secured excellent long-term financing and executed flawlessly during the sale process."

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