Marcus & Millichap facilitated the sale of Gateway Shoppes at Five Points, a 12-suite retail strip property in Urbana, Illinois, for $3.375 million.
Marcus & Millichap Capital Corporation, a subsidiary of Marcus & Millichap, secured $2.72 million in acquisition financing.
Jeremie Johnson and Nathan Whalen, investment specialists in Marcus & Millichap’s Indianapolis office, had the exclusive listing to market the property on behalf of the seller, Prairie Holdings Newton, LLC. David O’Keefe, Steve Bogoyevac and Johnathan Weir from the firm’s South Bay office procured the buyer, Nikolas Chugay. Steven Weinstock is Marcus & Millichap’s broker of record in Illinois.
Michael Derk, executive managing director in the firm’s Nashville office, secured a 10-year acquisition loan on behalf of the buyer. Terms include a 6.74% interest rate with a 30-year amortization period and 80% loan-to-value.
Gateway Shoppes at Five Points, located at 110 E. University Ave., consists of two multi-tenant strip centers on 4.6 acres at a high-traffic intersection with 35,400 daily vehicles. The 29,595-square-foot property is 95% occupied with a diverse mix of national and local tenants. Positioned less than a mile from the University of Illinois and surrounded by major retailers such as Schnucks, Walgreens and McDonald’s, the center benefits from strong market demand.
