Marcus & Millichap closed the sale of a six-suite retail strip property in Schiller Park, Illinois, for $3.5 million.
“The transaction presented several challenges, including short remaining lease terms, but we were able to successfully position the asset’s long-term potential in the marketplace,” said Adrian Mendoza, senior managing director investments. “A local private investor acquired the property as part of a 1031 exchange, recognizing the benefits of its conversion from a former warehouse to a multi-tenant retail center and the continued traffic generated by Rosemont’s convention and corporate presence.”
Mendoza, Sean Sharko and Austin Weisenbeck, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a partnership of two local investors.
The 23,000-square-foot retail center is situated on 1.38 acres at 4926 N. River Road. The center is occupied by a mix of service-oriented tenants, including Shoeless Joe’s Restaurant, Enterprise Rent-A-Car and Axeclusive Throwing & VR Lounge. The property is less than one mile from Interstate 294 and minutes from O’Hare International Airport, the Fashion Outlets of Chicago and the Donald E. Stephens Convention Center.
