Cedar Center, New Lenox
Bought mid-pandemic. Leased through the lockdowns. Sold stabilized — and managed it through.
A sound building that needed a plan.
We acquired Cedar Center in September 2020 — in the teeth of the pandemic — from an owner who wanted a fast, clean exit to focus on larger projects. The building was structurally sound but carried a few vacancies and a large former ambulatory-care medical suite sitting empty.
Two leasing campaigns and hands-on execution.
We backfilled the ~6,200 SF medical suite with a healthcare tenant on a five-year lease, added a new dental practice, and helped an existing restaurant expand from takeout into a full bar/sports-bar concept. Through the hardest months of the lockdowns, we negotiated rent settlements that kept tenants in their spaces — reaching roughly 92% leased.
Stabilized, leased up, and sold.
We invested in tenant improvements, building capital, and an active leasing program — took the center to roughly 92% leased and sold the stabilized asset in April 2022 for $3,455,000.
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