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.
