Marcus & Millichap announced the sale of Chase Bank | European Wax | Wrigleyville, a 5,893-square foot retail property located in Chicago, IL, according to Steven D. Weinstock, Vice President/ Regional Manager of the firm’s Chicago Oak Brook office. The asset sold for $3,625,000, which translates to a 5.50% cap rate. This is one of the lowest cap rates ever achieved for multi-tenant retail in the Chicagoland area.
Sean R. Sharko, Adrian J. Mendoza and Austin Weisenbeck, investment specialists in Marcus & Millichap’s Chicago Oak Brook office and Kyle Stengle, investment specialist in Marcus & Millichap’s Chicago Downtown office had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, was secured and represented by Zachary Weiss and Preet Sabharwal, investment specialists in Marcus & Millichap’s Manhattan office. Chase Bank | European Wax | Wrigleyville is located at 3728 – 3730 North Southport Avenue in Chicago, IL. The property is 100 percent leased to Chase Bank and European Wax Center. Chase Bank occupies approximately 65 percent of the property while European Wax occupies the remaining 35 percent.
The property is located in the Lakeview/Wrigleyville neighborhood, one of Chicago’s most prestigious areas. The property sits along the Southport corridor, a highly desirable location for retailers.