Marcus & Millichap closed the sale of 1776 Algonquin Road, a 22,910-square-foot retail strip center in Mount Prospect, Illinois. The property sold for $2,975,000.
Mitchell Kiven, Coult Greenwell, Eric Abbott and Zachary Taylor, investment specialists in Marcus & Millichap’s Chicago Downtown and Atlanta offices, had the exclusive listing to market the property on behalf of the seller, a large property owner with a national retail portfolio, and procured the buyer, a local investor who operates a chain of grocery stores.
Built in 1964, the property sits on 1.81 acres and is positioned between three signalized intersections. The center features a mix of retail and service tenants across 13 suites. The buyer plans to improve the physical condition of the property and work to lease second floor space.
