Lake Forest, Ill. — L3 Capital, a Chicago-based real estate investment firm, has acquired Market Square, a historic retail property with 26 retailers and restaurants in Lake Forest, for $35.5 million. Market Square is known as the country's first designed outdoor shopping center, according to L3 Capital.
The shopping center features a mix of national and local retailers, including Williams-Sonoma, J. Crew, Bluemercury and Talbots, as well as Kiddles Sporting Goods, Forest Bootery and The Lake Forest Shop.
As part of L3's strategy, the firm intends to invest heavily over the next two years in Market Square with an intensive marketing plan, infrastructure upgrades, life safety upgrades and historic restoration projects. The property consists of seven buildings and totals 100,000 square feet, with 50,000 square feet of retail and 50,000 square feet of office space. Market Square was originally developed in 1916 for $750,000 as part of an improvement plan for the Lake Forest area, a northern suburb of Chicago.