71-101 N Randall Rd
Lake in the Hills, IL 60156
The Centre At Lake In The Hills · Retail Property For Sale

Auction:7/24 - 7/26: Centre at Lake in the Hills An Open House is being held on July 10th, from 10am-12pm to tour the property. For additional tour info please contact Janice Sellis at 312-881-7024.Transwestern, in conjunction with Ten-X, is pleased to offer for sale via auction Centre at Lake in the Hills (the "Property"), a 99,451 SF retail center located in Lake in the Hills, Illinois. The Property was anchored by Dominick's Finer Foods (72,385 SF), which closed in December 2013 when the grocer exited the Chicago market. Dominick's continued paying rent until their lease expired in May 2017. Ownership has negotiated a pending lease with Aldi for a portion (21,255 SF) of the Dominick's space. The Aldi lease will bring occupancy to 39 percent, allowing the buyer to realize tremendous upside and value creation through both the execution of the Aldi lease and the lease-up of the remaining 51,130 SF suite. Aldi is a leading global discount grocer with over 10,000 stores worldwide, including 1,600 in the United States, and annual revenues of $12 billion. Aldi has been recognized as the number one top value grocer and a top five customer favorite grocer in America (Market Force Information, May 2017). Aldi is currently in the midst of a $1.6 billion remodeling effort to upgrade 1,300 U.S. stores in an effort to increase their consumer base from 40 million to 60 million customers per month. The store upgrades include wider aisles, additional natural light, higher ceilings and increased square footage to allow more room for organic produce, fresh meat and alcohol. For the Lake in the Hills location, Aldi will be relocating from their current site a half mile south, in order to increase their square footage from 11,100 SF to 21,255 SF. Property ownership has negotiated and executed an LOI with that is pending approval by Aldi corporate. It is anticipated that the lease will be signed prior to the final auction date, however the auction and subsequent closing is not predicated on a signed Aldi lease. The buyer will assume all responsibility for fulfilling the requirements of the executed lease or executing the pending lease, depending on the lease status at closing. Bidders are encouraged to review the documents provided on the auction site, which will be updated periodically. The documents outline the required landlord work and tenant improvement allowances, which the winning bidd