Marcus & Millichap brokered the sale of a 10,070-square-foot retail property located in Orland Park, Illinois, according to David G. Bradley, regional manager of the firm’s Chicago Downtown office. Terms of the transaction were not disclosed.
Brian Parmacek, an investment specialist in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a North Carolina-based developer/investor who specializes in value-add opportunities, was secured and represented by Parmacek.
The property, leased to DXL Men’s Apparel and Sleep Number, went under contract at the beginning of May. As the COVID-19 pandemic continued to exacerbate, both tenants continued to keep their doors closed and not pay rent. The buyers were committed to the deal and felt extraordinarily strong about the intrinsic value of the property. At the beginning of July, both tenants started paying rent again.
The purchase was part of a 1031 exchange and the buyers were able to finance the balance of the deal. The property is located at 15633 South La Grange Road in Orland Park and is positioned on the outlot to a Lowe’s and surrounded by over 5 million square feet of retail.
