Marcus & Millichap announced the sale of Lincoln Square Shopping Center, a 25,520 square-foot retail property located in Matteson, IL, according to Steven D. Weinstock, Vice President/ Regional Manager of the firm’s Chicago Oak Brook office. The asset sold for $1,900,000.
Austin Weisenbeck, Joseph Sigal 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, an individual/personal trust. The buyer, a limited liability company, was also secured by Sean R. Sharko and Austin Weisenbeck.
Lincoln Square Shopping Center is 100 percent occupied by many well-known, long-term tenants; many of the tenants have been in business at this location for over 15 years. Each tenant is operating under a modified gross-lease and is responsible for the majority of their pro-rata share of real estate taxes, insurance and common area maintenance. The property recently underwent multiple capital improvements including: a new pylon sign, new sprinkler system, canopy lights, several HVAC units installed and the roof was replaced less than five years ago.
Lincoln Square Shopping Center sits directly on Lincoln Highway (IL Route 30) in the middle of Matteson’s retail corridor.