Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Hanover Square, a grocery anchored, 111,828-square-foot multi-tenant retail property located at 6606 Barrington Road in Hanover Park. This was offered, and closed below replacement cost, as an all-cash transaction. The asset sold for $7,250,000.
Senior Managing Directors Austin Weisenbeck and Sean R. Sharko had the exclusive listing to market the property on behalf of the seller, a government agency.
Situated on a signalized, hard-corner intersection with over 25,400 total vehicles passing per day. Less than 0.25 miles to the heavily traveled Lake Street/Barrington Road intersection with 64,050 total vehicles passing per day. The center offers a diverse mix of national, regional, and local tenants, and consists of two outlots anchored by a full-service grocer and a well-known gymnastics training center. Ten tenants have operated at this location for at least 10 years and five tenants with at least 34 years of operating history.
