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Investors seeking a value-add opportunity in the suburbs should pencil in some time between Aug. 22 and Aug. 24. That's when Ten-X and HFF are hosting an internet auction for CityPark at Lincolnshire, a shopping center with a troubled recent past.
ECD built the shopping center in 2001 as part of a larger mixed-use development, but it fell on hard times in the post-2008 real estate crash. Tenants vacated their storefronts and rental revenue plummeted before FirstCity Financial bought the asset for $10M two years ago in a foreclosure sale.
The four-building complex is 67% leased, anchored by event space Viper Alley. Other tenants include Red Robin, T-Mobile, FedEx Office and BBCN Bank. Another promising advantage for CityPark is its location within a larger mixed-use environment. It's near a 21-screen Regal Cinema IMAX theater (the largest in the area), a Hampton Inn and Suites, and a 70k SF office building. ECD is also building a 302-unit multifamily project in CityPark, and received approval from Lincolnshire officials to raze six of the Regal Cinema's screens to accommodate it.
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