Property Map

@Properties Square

200-218 S Milwaukee Ave, Libertyville, IL
  • Property Type: Retail
  • Size: 11,614 Sq. Ft.
  • Date Closed: 02/1/2020

Challenges

• There was a tenant that had signed a lease, yet never opened and defaulted on its lease.
• There is an existing dry cleaner, and there were some environmental issues that needed resolving.
• A few leases were expiring and had some ambiguous language regarding Landlord responsibilities

Solutions

• Advised the Seller to give the Buyer a one-year master lease for the space where the tenant had defaulted
• Conducted a thorough Phase I and determined that all environmental issues can be easily resolved by working with the tenant to paint and seal the slab flooring so that it would be waterproofed and impermeable to any potential spills
• Renewed expiring leases and cleaned up any language that was ambiguous regarding any Landlord responsibilities

Results

• The Seller successfully signed a master lease with the Buyer
• The Buyer was able to successfully negotiate with the dry cleaner to seal the flooring to prevent any future contamination
• The Buyer successfully closed

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