Marcus & Millichap brokered the sale of a 7,100-square-foot retail property featuring a dispensary and Tropical Smoothie Café in Waukegan, Illinois. The asset sold for $2.75 million.
Senior managing directors 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, a limited liability company.
This 10-year dispensary and seven-year Tropical Smoothie Center is located at 992 S. Waukegan Road. It is an outlot to a high-end casino and hotel that is currently under construction and scheduled to open in 2025.
Both tenants feature 10% rental increases every five years and have attractive lease terms. This center is situated at a stoplight intersection and shares ingress/egress points with the adjacent strip, creating a symbiotic shopping center..
