Marcus & Millichap, a leading real estate investment services firm, arranged the sale of a 10,500-square-foot multi-tenant retail property located in Elgin, Illinois for $2.125 million with no re-trades on price and terms. Steven D. Weinstock, regional manager and senior vice president of the firm’s Chicago Oak Brook office facilitated the transaction.
Adrian Mendoza (first vice president), Austin Weisenbeck (senior managing director) and Sean Sharko (senior managing director) had the exclusive listing to market on behalf of an LLC seller which procured seven offers from both in-state and out-of state investors; ultimately securing an East Coast based LLC/personal trust with a 1031 exchange as buyer for this center anchored by Advance Auto Parts that makes up 65% of its income stream while being 100% occupied with stable tenants at 1881 Larkin Avenue location surrounded by 168K residents within five miles projected to grow 2.46% over next 5 years
