Barat Property (Development Opportunity)
700 East Westleigh Road
Lake Forest, IL 60045


For Sale Contact Broker
Status Current
Greg Karczewski312-595-7816
Richard Stein312-595-7800
<em>Aerial Property Photo</em><br/>Photo 1 of 1

Property Overview

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Property UseAny
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Parcel Number16-04-200-008
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Land Size23.400 acres
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Property Description

BARAT PROPERTY
LAKE FOREST, IL
An Exceptional 23.4-Acre Development Opportunity in Lake Forest, IL
BANK OWNED - POTENTIAL TO DIVIDE

Mesirow Financial Real Estate Brokerage, Inc., as exclusive agent and advisor to the Owner, an affiliate of Harris Bank, is pleased to offer qualified purchasers the opportunity acquire fee simple interest in the Barat Property - an exceptional 23.4 acre development site located at 700 East Westleigh Road in Lake Forest, Illinois.

Due to its size, location and character, the Property has tremendous redevelopment potential and offers a new owner the chance to create a very unique and attractive new development. Potential uses may range from for sale residential, for rent residential and senior housing uses to cultural, education, institutional and office uses.

There is potential to divide the Property if a purchaser is interested in only the vacant land or only the adaptive re-use of the existing building(s).

DEVELOPMENT and/or ADAPTIVE REUSE - HISTORIC PRESERVATION

POTENTIAL USES: RESIDENTIAL - SENIOR HOUSING - APARTMENT - CULTURAL - EDUCATION - INSTITUTIONAL - OFFICE

Area Description

This offering represents a rare opportunity for an investor to acquire a unique development property in a one-of-a-kind location. The Property is located in the heart of Lake Forest, Illinois -- an affluent community located approximately 30 miles north of downtown Chicago. The site is located in the highly desirable eastern portion of Lake Forest, less than one mile from Lake Michigan, luxury estates, country clubs and extensive services.

Lake Forest has been recognized by CNNMoney magazine as one of the most desirable places to live in the United States. Local median incomes, housing values, education levels and school systems are in the top 20% nationally and in many cases, the top 5%. Median home prices exceed $870,000 and 30% of homes are valued over $1 million.

Property Features

  1. One-of-a-kind location in east Lake Forest, one of the most affluent suburban communities on Chicago's North Shore.
  2. Great access - 1 mile to Lake Michigan, downtown Lake Forest and commuter train, 20 miles to airport, 30 miles to downtown Chicago.
  3. Exceptional local demographics: $280K average HH incomes, $870K average home values (30% of homes valued over $1 million).
  4. Physically beautiful property with lightly rolling terrain, a wooded ravine and stands of trees throughout.
  5. One of the few remaining sizable development parcels in Lake Forest and the North Shore, especially east of Route 41 and near Lake Michigan.
  6. Former site of Barat College campus
  7. Property is Bank Owned and the bank is motivated to sell.
  8. There is potential to divide the property if a purchaser is interested in only portions of the property
  9. Since portions of the property are historically significant, a proposed development may be eligible for historic preservation incentives which may be significant
  10. More info at: www.BaratProperty.com

Financial Overview

List PriceContact broker for more info.
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General Property Information

Property UseAny
Land SF1,019,304.000 sf
Land Acres23.400 acres
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Parcel Number16-04-200-008
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Listing Agents

Greg Karczewski
Greg Karczewski Mesirow Financial Real Estate Brokerage Inc. 312-595-7816 www.BaratProperty.com
Richard Stein
Richard Stein Mesirow Financial Real Estate Brokerage Inc. 312-595-7800 www.BaratProperty.com