Two-Story Mixed-Use Retail Office
For Sale
Contact for pricing
Pending
840 S Waukegan Rd, Lake Forest, IL 60045
Forest Square is a two-story mixed-use community center with below-ground heated parking and space for retail and office tenants.
Property Size53,557 SF
Days on Market142
Property Features for 840 S Waukegan Rd
General Information
Standard status
Pending
Size
53,557 SF
Class
A
Property subtype
Retail, Office, Mixed Use
Occupancy
90%
Financials
Cap Rate
7.36%
Business Included
Yes
Building Details
Year Built
2008
Stories
2
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Chicago Downtown
Listed By:
Stephen Lieberman · License #IL 475.144282
Source:
Crexi
Added: Apr 12
Changed: Aug 21
Last Checked: Aug 28 at 11:42PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Chicago Downtown
Investment Insights
Based on property information with market context.
Forest Square is a Class A, two-story mixed-use community center constructed in 2008. The property includes a below-ground heated parking garage and totals approximately 53,122 rentable square feet, plus additional storage space. The community is occupied by a mix of 21 retail and office tenants and is currently 89.83% occupied, with a Weighted Average Lease Term (WALT) of 4.11 years remaining. Ownership has invested more than $421,000 in capital improvements since 2016, including modernized HVAC upgrades, asphalt and concrete replacements, and new tenant directory stone signage.
The property is adjacent to the Metra Train Station and is located at 840 S Waukegan Road in Lake Forest, Illinois.
For sale as a trophy mixed-use asset, Forest Square is positioned as a multi-tenant retail and office center designed to serve both street-level uses and tenant parking needs.
The property is adjacent to the Metra Train Station and is located at 840 S Waukegan Road in Lake Forest, Illinois.
For sale as a trophy mixed-use asset, Forest Square is positioned as a multi-tenant retail and office center designed to serve both street-level uses and tenant parking needs.
Key Highlights
- Constructed in 2008: Class A, two‑story mixed‑use community center with below‑ground heated parking
- Approximately 53,122 RSF plus 435 SF of storage, occupied by 21 retail and office tenants
- Currently 89.83% occupied with a 4.11‑year Weighted Average Lease Term (WALT) remaining
Property Analytics
Property Profile
Current Use
Lease Details
89.8%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
60
Businesses Nearby
Explore this area
Business Placement
Demographics for 60045, IL
21,026
Population
7,939
Households
2.6
Avg Household Size
46
Median Age
81%
College-Educated
99%
High-School Grad
21.3 sq mi
ZIP Area
987
Density / Sq Mi
$225,551
Median Household Income
$78,718
Median Earnings
$2,321
Median Rent
$899,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Forest Square is a two-story mixed-use community center with below-ground heated parking and space for retail and office tenants.
Where is this office building located?
The property is located at 840 S Waukegan Rd Lake Forest, IL.
What are key features of this property?
This property features: Constructed in 2008: Class A, two‑story mixed‑use community center with below‑ground heated parking; Approximately 53,122 RSF plus 435 SF of storage, occupied by 21 retail and office tenants; Currently 89.83% occupied with a 4.11‑year Weighted Average Lease Term (WALT) remaining
