After a recent online auction, the CityPark shopping center in Lincolnshire has changed ownership, but the tenants that remain at the center say they don’t know where to send their future rent checks.
Lincolnshire officials and retailers within CityPark have all said they have heard ownership of the property has changed hands following an online auction in August hosted by company Ten-X.
But auctioneers and previous owners have not released the buyer’s name or the status of the contract with the new buyer. Tenants at CityPark said they were eager to learn about the new owners and their plans for the property since the development has struggled to attract retailers in recent years.
Dora Wysocki, who co-owns EyeSee Vision Solutions in the center with her husband Dr. David Goodwin, remembers the demand when CityPark first opened.
“This place was rocking,” Wysocki said. “Now, there’s one business open, and three on each side closed.”
Located just south of EyeSee, a Potbelly restaurant toasted its last sub on Aug. 31 before closing. Next door, Emporium Lake County, an arcade and bar, closed abruptly in early August after opening in January.
A sign on Emporium indicated the business is “under renovation,” but Lincolnshire officials recently canceled the business’ liquor license. Mayor Liz Brandt said village officials believe the business may have closed permanently.
Regarding the future of CityPark, Brandt said she hopes the new owners will bring a strong vision to help the development rebound.
“You’re seeing it all over the place — retail is tough, restaurants are tough,” Brandt said.
And current tenants also are eager to re-negotiate their properties to try and create some financial relief, she said.
“A lot of people wanted to renegotiate for a better lease with the new owner,” Brandt said.
The seller of CityPark during the auction was Texas-based VFC Properties 27, LLC, which bought CityPark out of receivership after the recession began in the late 200s.
The previous owner was ECD Co., whose president, Scott Greenberg, confirmed he bid in August to buy the development back. ECD remains the owner of a nearby movie theater that shares a parking lot with the retail/entertainment center.
“I want to make sure it gets properly redeveloped,” Greenberg said. “It’s in my best interest.”
Standing on the southwest corner of Milwaukee Avenue and Aptakisic Road, and located about a mile and a half from Interstate 94, the CityPark development is located at a busy section of Lincolnshire. It is also in close proximity to corporate offices in both Buffalo Grove and Lincolnshire.
Lincolnshire’s economic development director, Tonya Zozulya said she had spoken with representatives from VFC Properties about updating their signs and bringing in community events. But she also did not know who won a bid for the property.
Within the shopping center, Cat Lynn Nails owner Linh Thoi said she also was wondering who the new landlord will be and what direction they would want to take with her lease.
“I hope everything will be good,” Thoi said. “I want to know the new owner’s name — like everyone else.”
Twitter @RonnieAtPioneer
