Marcus & Millichap recently completed the sale of a multi-tenant, value-add retail property located in Palatine, Illinois. Senior Managing Directors Austin Weisenbeck and Sean Sharko and First Vice President Adrian Mendoza from Marcus & Millichap’s Chicago Oak Brook office had the exclusive listing to market the property on behalf of its seller – a limited liability company. The deal closed at over 103 percent of list price after just 52 days on market with an all cash buyer – a local limited liability company.
Mendoza commented that “this transaction demonstrates investors’ continued appetite for well-located service-based neighborhood shopping centers which offer more attractive yields than alternative asset classes. Neighborhood centers have displayed their resilience despite various challenges such as pandemics and changes in ecommerce.”
