Marcus & Millichap, a leading commercial real estate firm, recently closed the sale of a retail portfolio in Mount Prospect, Illinois. The three-building portfolio consists of 11 tenants and sold for $12.45 million. Marcus & Millichap’s capital markets subsidiary, MMCC, arranged $6.4 million in financing for the acquisition.
The buyer of the properties was Lula Holdings, a Wisconsin-based limited liability partnership represented by Rowlett and Matthew Gordon from Marcus & Millichap’s Milwaukee office. The seller was RREF III-P Randhurst Village, a Delaware-based limited liability company represented by Maggie Holmes from Northmarq.
Steven Weinstock served as Broker of Record in Illinois to assist with closing the transaction while Michael Hughes from Marcus & Millichap Capital Corporation secured financing through US Bank.
The three properties are strategically located near Randhurst Village shopping mall which is anchored by Costco and features over 40 national and regional stores and restaurants. One property at 102 E Kensington Road houses popular brands such as Chipotle,Five Guys,Jersy Mike’s,Sports Clips,and T-Mobile.The second property at 1065 Elmhurst Road includes GNC,Panera Bread,and Nothing Bundt Cakes.And finally,the third property located at 1027 Randhurst Village features Hangry Joe’s ,MOD Pizza,and Poke Bros.This prime location makes it an attractive investment opportunity for buyers looking to capitalize on this bustling retail market.
