Marcus & Millichap closed the sale of a LA Fitness-anchored, four-suite retail property in Mundelein, Illinois. The property sold for $13,976,000. Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, arranged $9,783,000 in acquisition financing.
Austin Weisenbeck and Sean 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 experienced real estate investor/developer in the Chicagoland area. The Sharko | Weisenbeck | Mendoza Group also procured the out-of-state buyer that was in a 1031-exchange. Dean Giannakopoulos, senior managing director, also based in the firm’s Chicago Oak Brook office, secured the financing.
The 89,357-square-foot shopping center is situated on 7.48 acres at 1555 S. Lake St. Built in 2019, the property is anchored by LA Fitness, with Kids Empire, The Dog Stop and The Picklr Club among its other tenants. Part of Townline Square Shopping Center, which attracts more than 2 million visitors annually, the property is positioned at a signalized intersection with traffic counts exceeding 60,000 vehicles per day and is minutes from the $250 million redevelopment of Hawthorn Mall.
