Marcus & Millichap announced the sale of Shops at Lily Cache Creek (Outlot to Meijer), a 17,960 square-foot retail property located in Bolingbrook, IL. The asset sold for $5,958,332.
Austin Weisenbeck and Sean R. Sharko, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a privately owned limited liability company. The buyer, a national shopping center owner, was also secured by Sean R. Sharko and Austin Weisenbeck.
Shops at Lily Cache Creek located at 741-769 East Boughton Road sold in 93 days at 100 percent of its list price. The property is nearly 93 percent occupied with some of the leading national and local retailers in today’s market. A majority of the current leases are set to expire in 2016 or later with each tenant operating under a net-lease, reimbursing for their pro-rata share of expenses.
The Shops at Lily Cache Creek is in a prime location directly southwest of the Interstate 355 and Boughton Road intersection, which shows a very strong traffic presence of over 30,700 vehicles per day. Primary access to the center is through a signalized intersection with a dedicated turn-lane at Boughton Road and Janes Avenue.
