Community Corner

Market Square Sale Sparks Concern

Some Lake Forest Patch readers have expressed concern that the downtown area will lose retailers if rent prices increase.

The news that a real estate investment firm purchased Lake Forest’s Market Square last week drew some concern from Lake Forest-Lake Bluff Patch readers.

Commenters who shared their reactions to the story expressed concern that increased rent will burden or drive out small local businesses. A representative of new property owner, L3 Capital, told Crain’s Chicago Business that rent prices in that area are 10 to 20 percent below market

“Nothing but outlets for national chains will be there when the current leases expire, if L3 is lucky,” predicted Patch reader George. 

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“Raise the rents by 20% and kiss the character of Market Square goodbye. We will lose every local business and it will turn into another generic assortment of mall stores,” wrote Patch reader Me.

But Michael Schreiber, principal at L3 Capital, said in a press release that local shops are part of the property’s appeal.

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“Part of this asset’s appeal is that it attracts both national retailers and successful local businesses,” Schreiber said. “We have no intention of changing this formula, and, if anything, we hope to enhance this equation when opportunities to re-tenant arise.”

Are you concerned about the future of Market Square? Share your thoughts in the comment section below.


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