Marcus & Millichap completed the sale of Creekside Commons, a 23,058-square-foot, multi-tenant retail property located in Buffalo Grove, Illinois, according to David G. Bradley, regional manager of the firm’s Chicago Downtown office. The asset sold for $4.085 million.
Mitchell Kiven, a senior associate in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, a partnership of real estate investors based in Libertyville, Illinois. The buyer, Wilmette, Illinois-based Shiner Buffalo Creek LLC, is a retail developer and investor, and was also sourced by Kiven.
“Despite headlines about challenges facing the retail sector, investor appetite for this kind of service-oriented neighborhood retail property remains strong,” said Kiven. “We had five written offers on the property from local, national and even international buyers. The property was on the market for less than 30 days before going under contract.”
Creekside Commons is located at 1101 Weiland Road, immediately northeast of the signalized intersection of Weiland Road and Deerfield Parkway. The location has been successful for the property’s core tenants, with the majority of them having operated there for over 20 years. It was marketed as a value-add opportunity for the new owner, who plans to realize significant upside by leasing the three vacant spaces, which collectively total about 3,000 square feet.
