Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, has announced the sale of Evanston Plaza, a 212,759-square foot retail property located in Evanston, IL, according to Steven D. Weinstock, regional manager and first vice president of the firm’s Chicago Oak Brook office. The asset sold for $36,180,000.
Adrian Mendoza, first vice president, Austin Weisenbeck, senior vice president, and Sean R. Sharko, senior vice president and investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was secured and represented by Mendoza, Weisenbeck and Sharko.
Evanston Plaza, renovated in 2015, is located at 1910 Dempster Street in Evanston, Illinois at an irreplaceable, infill grocery anchored center within 1.5 miles from Northwestern University and downtown Evanston. The property is 97 percent leased to a variety of necessity-based and national tenants with a weighted average lease term of 6.9 years. Valli Fresh Market grocer, 69,210 square feet, anchors the center with strong store sales increasing year-over-year. Valli Fresh Market has eight years remaining on their current lease term.
Multiple offers were procured from the West Coast, Midwest and East Coast investors. This is one of only two shopping centers that sold for over $36,000000 since the Illinois COVID-19 shutdown. The team successfully managed the complex due diligence period and CMBS loan process.
