Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Tiffany Square, a 34,124-square foot retail property located in Palos Heights, IL, according to Joe Powers, regional manager of the firm’s Chicago Downtown office. The asset sold for $3,725,000.
Mitchell Kiven, an investment specialist in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Mitchell Kiven,
Tiffany Square is located at 7202 W College Dr in Palos Heights, IL, at the signalized intersection of Harlem Avenue and College Drive. The property hit the market in January of 2021 as COVID cases surged in the Chicagoland area. The Kiven Team had planned an aggressive marketing campaign despite the headwinds in the news and the general sentiment that multi-tenant retail should be discounted as a result of rising vacancies.
The market reaction was immediate and within days there were multiple offers and a fierce bidding war ensued over the next several weeks. The transaction closed 60 days after going to contract with no price renegotiations, at 96% of the list price.