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IllinoisRetail

Marcus & Millichap brokers sale of two retail centers totaling $27 million in suburban Chicago

December 22, 2022
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15011-15081 S. La Grange Road, Orland Park, IL
Galleria of Elgin, 3091 W. Route 20, Elgin, IL
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Marcus & Millichap has brokered two separate retail center sales in Chicagoland’s Orland Park and Elgin that collectively traded for approximately $27 million. Both properties received multiple offers and closed near listing price. 

Anchored by Chipotle and Panera, the retail center at 15011-15081 S. La Grange Road in Orland Park sold for $17.6 million. The property consists of three freestanding, single-tenant, net-leased buildings and one multi-tenant building, totaling 20,732 square feet of leasable space. Newly constructed on the site of a former Toys ‘R’ Us store, the center is fully occupied by national tenants including BJ’s Brewhouse, Raising Cane’s and Smashburger. 

The 24,000-square-foot Galleria of Elgin, located at 3091 W. Route 20, sold for approximately $9.52 million. The property’s two buildings house a mix of national, regional and local businesses, including Dairy Queen, Edward Jones Investments, Country Donuts, Maciano’s Pizza and Pastaria and Sammy’s Mexican Grill and Bar. Approximately 80% of the leaseholders are original tenants that have been occupying space at the center since 2015 or earlier.

Marcus & Millichap Senior Managing Directors, Investments, Sean Sharko and Austin Weisenbeck represented the sellers of both properties.  

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