Marcus & Millichap brokered the sale of two neighborhood retail centers in the college town of Normal, Illinois. The assets sold for $2.475 million.
Eric Bell, Jordan Callaway and Mitchell Kiven, investment specialists in Marcus & Millichap’s Chicago downtown office, had the exclusive listing to market the centers on behalf of the seller, a real estate developer.
The two properties are adjacent to one another at 1608 Northbrook Drive and 1609 Northbrook Drive in Normal, near Illinois State University. Totaling approximately 17,500 square feet, the retail centers are leased to a diverse mix of mostly local tenants, including a marijuana dispensary, a coffee shop, a pizza parlor, a large-scale regional medical provider and a laundromat.
The properties sold in a competitive bidding environment and traded at better than 95% of the original asking price.
