Marcus & Millichap arranged the sale of The Market Place-BMO Harris Bank, a 31,824 square-foot retail property located in Lake Barrington, IL, according to Steven D. Weinstock, Vice President / Regional Manager of the firm’s Chicago Oak Brook office. The asset sold in excess of $4,000,000.
Adrian Mendoza, investment specialist in Marcus & Millichap’s Chicago Oak Brook office, and Stephanie Pesmen and Brian Pesmen, investment specialist in Marcus & Millichap’s Chicago O’Hare office, had the exclusive listing to market the property on behalf of the seller, a local developer. The buyer, a foreign overseas-based partnership, was also secured and represented by Adrian Mendoza, Brian Pesmen and Stephanie Pesmen.
The Market Place-BMO Harris Bank consists of a 28,824 square foot multi-tenant shopping center and a 3,000 square foot BMO Harris Bank ground lease. The retail center is approximately 80 percent leased to an array of established local tenants. Many of the tenants have occupied their space for over 10 years. BMO Harris bank is operating under an original 20-year ground lease with rare 10-year options to renew. A majority of the tenants at The Market Place operate under net-leases, reimbursing for their pro-rata share of operating expenses.
