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News release

CHICAGO, IL

Prime Mixed-Use Development Comes Back to Life in Suburban Chicago

Golub & Company and Wood Partners select JLL as leasing agent for the retail component of Lake + Forest in Oak Park


CHICAGO, Nov. 11, 2014 — Trendsetters, metro renters and retired seniors don’t usually have much in common, but those disparate communities are all craving new retail concepts in the Chicago suburb of Oak Park, Illinois. In response to this multifaceted consumer demand and strong demographic trends, JLL today announced on behalf of Golub & Company and Wood Partners, that it will be pre-leasing the retail component of the Lake + Forest development. Once completed in early 2016, the mixed-use asset will encompass 270 luxury apartments, 27,000 square feet of retail and commercial space, and parking for 588 cars in the attached covered garage all in the center of Oak Park’s bustling downtown corridor amid local and national boutiques and restaurants. 

Vice President’s Peter Caruso and Shanna Athas are leading the JLL team to pre-lease the retail component of the development.

“There is a unique opportunity with the development of Lake + Forest to create attractive amenities, which will enhance Golub and Woods’ newest development and ultimately maximize the asset’s value with targeted retailers,” said Caruso. “Given the market’s broad range of residents and income streams, we plan to attract first-to-market retailers to provide a more unique customer experience for Oak Park’s community, and expect to create a sustainable and healthy merchandise mix for years to come.”

“There is currently no retail development under construction in the Oak Park market, which gives Golub and Wood the advantage to create a spectacular ‘live, work, play’ environment in the heart of a vibrant growing city,” said John Ferguson, Senior Vice President with Golub.

JLL’s Retail Group serves as the industry’s leader in retail real estate services. The firm’s more than 850 dedicated retail experts in the Americas partner with investors and occupiers around the globe to support and shape investment and site selection strategies. Its retail specialists provide independent and expert advice to clients, backed by industry-leading research that delivers maximum value throughout the entire lifecycle of an asset or lease. The firm has more than 80 retail brokerage experts spanning 20 major markets, representing more than 100 retail clients. As the largest third party retail property manager in the United States, JLL’s retail portfolio has 305 centers, totaling 65.7 million square feet under management in regional malls, lifestyle centers, grocery-anchored centers, power centers, central business districts, transportation facilities and mixed-use projects.

For more news, videos and research from JLL’s Retail Group, please visit: www.jllretail.com.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $53.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.