Marcus & Millichap recently finalized the sale of a retail property in Naperville, Illinois consisting of 22 suites. The property was sold for $6.99 million and financing was arranged by Marcus & Millichap Capital Corporation.
According to Sean Sharko, senior managing director investments at Marcus & Millichap, this transaction highlights the high demand for neighborhood centers that are priced below replacement cost. Despite not having any national tenants except Dollar Tree, the property generated significant interest from buyers.
Sharko along with Austin Weisenbeck and Adrian Mendoza had an exclusive listing to market the property on behalf of 1550 State RTE 59 LLC (the seller). They were able to secure a buyer who is expanding their portfolio in Illinois from out-of-state ownership group. Dean Giannakopoulos, senior managing director at MMCC’s Chicago Downtown office helped secure $5.1 million in financing with a regional bank on behalf of the buyer.
The center spans over 59,935 square feet and is located at 1550 N. Illinois Rte. 59 with easy access to Interstate-88 highway.The building was constructed in1988 and currently has long-term tenants including Dollar Tree and Anytime Fitness.
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