Marcus & Millichap has brokered the sale of Oakwood Plaza, a 16-suite retail property in Alton, Illinois, for $9.3 million. The shopping center adds a sizable retail asset to the local corridor and reflects ongoing investor interest in service-focused centers in the region.
The property, located at 1837 Homer M. Adams Parkway, totals 45,400 square feet of retail space and was developed in 2005. Oakwood Plaza occupies 8.96 acres, giving it a substantial footprint along one of Alton’s key commercial thoroughfares. The center is configured as a multi-tenant shopping plaza that brings together a mix of retail and restaurant offerings.
Tenants at Oakwood Plaza include national and regional brands such as Panera, Spectrum, Dollar Tree, and Great Clips, creating a blend of daily needs, dining, and service-oriented uses. The center also benefits from nearby traffic generators, with national retailers including Target, Home Depot, and Lowe’s located in the surrounding trade area. This concentration of brands reinforces the property’s positioning within a broader retail cluster.
According to Marcus & Millichap, buyer interest in Oakwood Plaza was described as exceptionally strong, with multiple competitive offers submitted during the marketing process. The brokerage reported that the sale produced a favorable outcome for its client and highlighted the deal as an indication that investor demand for well-located Midwestern retail assets remains solid.
The sales effort was led by a Marcus & Millichap investment sales team based in the firm’s St. Louis office. Chris Garavaglia, managing director of investments, and Alex Perez, an investment specialist, worked on the transaction in association with Steven Weinstock, Marcus & Millichap’s Illinois broker of record. The team held the exclusive listing to market Oakwood Plaza on behalf of the seller, Commonwealth Commercial.
The sale of Oakwood Plaza underscores ongoing capital flows into neighborhood and community retail centers that feature daily-needs and service tenants. While the buyer’s identity and business plan were not disclosed, the marketing response described by Marcus & Millichap suggests continued competition among investors for stabilized retail product in established Midwestern trade areas.
