Indiana firm acquires, makes plans to upgrade Lincolnshire shopping center

An Indiana-based commercial real estate investment firm has purchased City Park at Lincolnshire, a 78,786-square-foot retail center along Milwaukee Avenue whose tenants include FedEx, Advanced Dermatology and Michal's Imports.

Built in 2001 and located at 255 - 295 Parkway Drive, the 18-unit center currently sits at just 33% occupancy, according to an announcement of the sale to KennMar.

"When we first learned that this property was available for sale, we recognized an opportunity to bring a once vibrant entertainment-oriented and family-friendly retail center back to life," KennMar President and CEO Brent Benge said in the announcement. "The acquisition of City Park is a perfect fit for us as our company has a long track record of acquiring well-located retail centers and adding value through redevelopment and lease up."

The company plans to renovate the center with new landscaping, updated exterior lighting, awnings and paint, along with making repairs to the roof, asphalt, masonry and concrete as needed.

KennMar, located in the Indianapolis suburb Speedway, has hired Highland Park-based Frontline Real Estate Partners to support the property's marketing and leasing efforts.

"It is no surprise that the pandemic had a significant impact on the center, but given its location, the market, and the plans KennMar has to update the property, through our preliminary marketing initiatives, we have received strong interest from several businesses to potentially lease space here," Andrew Rubin, Frontline executive vice president, said in the announcement.

Other tenants of the center include Get It Straight, Liquid Fusion, Roosters Men's Grooming Center, Chipy Café, Eyesee Optical, LeBeau Nails and Spa and Skinfo.