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La Grange Crossing Sold, New Businesses Coming to Ex-Borders

The shopping center went for $21.1 million as several new tenants prepare to occupy the newly divided former Borders bookstore.

A pension fund advised by RREEF Real Estate has spent $21.1 million to purchase the La Grange Crossing shopping center—including the former Borders—in downtown La Grange, Crain’s Chicago Business reports.

According to Crain’s, the shopping center, which includes businesses between Ogden and Hillgrove avenues on both sides of La Grange Road like Trader Joe's and Walgreens, suffered a blow when Borders closed in September of 2011—but former owners Edwards Realty, who bought the property for $16.3 million in July 2010, recouped by divvying up the former bookstore into multiple suites. 

The Doings La Grange reports that in place of a single tenant to take over the former Borders, multiple leases have been signed—including for Massage Envy, Great Clips, ATI Therapy, a new location for La Grange’s AT&T store and an unspecified yogurt depot. (One suite remains open; Smashburger occupies a portion of the former Borders.)

“They’ve done a fairly good job of finding a mix of tenants,” La Grange community development director Pat Benjamin told the paper. “Smashburger is being very well received. They’re doing really well.”

Crain’s reports that the center was build in 2002 and consists of four buildings for a total of 67,800 square feet, making the purchase $311/sq. ft.

Read the full stories at Crain’s Chicago Business and The Doings La Grange.

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Christine Moscinski January 17, 2013 at 02:55 PM
To add to this story; Mid-America Real Estate located in Oakbrook Terrace represented the owner in this successful sale!
Bruno Fontana January 17, 2013 at 03:25 PM
I'm going to jump in here with something positive because I know there will be a littany of people complaining on what kinds of businesss' are going there ("What we really need is.." or "Downtown LG stinks..I never go"). In the real world of commerce, it's a blessing that the site was sold in such a short period of time. There's a lot of other towns with these huge spaces still unsold. Foot traffic for these "chains" will bode well for the smaller ones-cause & effect.
Gina A. Liccardo January 17, 2013 at 06:56 PM
These massage franchises are a poor representation of our industry. They have lowballed the worth of massage and the standard of care as well. They have also reduced the payscale for massage therapists on a massive scale monopolizing the industry. Massage therapists have had it with these less than stellar corporations are are speaking out and standing up for our rights. You can too, whether you are a fellow massage therapist or a customer who has had a negative experience with these franchises, feel free to share and sign this petition at http://www.change.org/petitions/the-massage-franchise-increase-payrates-for-massage-therapists-decrease-lowballing-of-massage

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