Greenstone Partners has recently announced the successful sale of a retail center located at 4066-4080 N. Milwaukee Avenue in Chicago’s Portage Park neighborhood for $6.9 million.
The property consists of two buildings, both currently occupied by medical-related retail tenants such as Athletico Physical Therapy, DentalWorks, America’s Best Contacts and Eyeglasses, and Midwest Express Clinic. The seller was represented by Greenstone Partners’ CEO & Managing Partner Danny Spitz and Senior Director Brewster Hague while the buyers were procured by a private partnership based in Illinois.
According to Spitz, the strong interest from both local and out-of-state investors can be attributed to factors such as the national tenant lineup of medical users with dedicated surface parking. The multi-tenant medical-retail center boasts 16,063 gross leasable area on 35,185 square feet of land with ample off-street surface parking space for 41 vehicles.
Hague added that at the time of closing,the property was fully occupied which made it an attractive investment opportunity due to its strong fundamentals paired with favorable demographics in the area.
This transaction marks another successful deal brokered by Greenstone Partners who continue to demonstrate their expertise in commercial real estate sales across various markets.
