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L3 Comes Home with $13M Mixed-Use Purchase

CHICAGO—Locally based L3 Capital has purchased four mixed-use properties here in Chicago’s Lakeview neighborhood for $13 million.

The properties are located along N. Southport Avenue, and include 28,000 sq. ft. of retail and eight rental units. Tenants of the fully leased retail include Lululemon, Southport Grocery and the Southport Athletic Club.

L3 has typically focused on properties on the East or West coasts, and this will be the firm’s first purchase in Chicago. The retail real estate investment firm is now targeting the Lincoln Park, Lakeview and Bucktown neighborhoods, as well as main retail corridors such as State Street and Michigan Avenue. “There is tremendous opportunity in Chicago and we are poised to make significant moves in this market in the coming year,” said Greg Schott, co-founder and managing principal. “We are excited to begin investing in our home town.”

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