Marcus & Millichap announced the sale of a value-add, multi-tenant retail property located in Palatine, Illinois, according to Steven D. Weinstock, Regional Manager and Senior Vice President of the firm’s Chicago Oak Brook office.
Senior Managing Directors Austin Weisenbeck, Sean R. Sharko and First Vice President Adrian Mendoza had the exclusive listing to market the property on behalf of the seller, a limited liability company. The property closed at over 103% of list price, received 10 written offers, and took 52 days from coming to market to close. Mendoza, Weisenbeck, and Sharko secured and represented the buyer, a local limited liability company, that closed all cash.
The center is located at 4880 W. Euclid Ave. in Palatine, Illinois. The property is a community-based neighborhood and medical office center. Most tenants offer scheduled rental increases, while the new owner can add value through leasing the remaining 1,831 vacant square feet. Attractive demographics surround the property with 265,715 residents and 313,242 workers within five miles and an average household income of nearly $140,000 within one mile.
