Marcus & Millichap announced the sale of a 4,800-square foot retail property located in Crestwood, IL. According to Steven D. Weinstock, regional manager of the firm’s Chicago Oak Brook office, the asset—home to T-Mobile, Jersey Mike’s and Sport Clips facilities—sold for $2,423,000.
Sean R. Sharko and Austin Weisenbeck, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a limited liability company, was secured and represented by Brendan Lee, an investment specialist in Marcus & Millichap’s San Francisco office.
The property is located at 13430 South Cicero Avenue in Crestwood, right in the middle of the Chicago suburb’s major retail corridor. With quick access to Interstate 294 to the north and Interstate 57 to the south, it is no surprise that Cicero Avenue is the area’s major north/south thoroughfare. This location has great visibility with an average of 37,750 vehicles per day who drive by.
Currently this retail center is 100% occupied with a great mix of tenants. T-Mobile, Jersey Mike’s and Sports Clips all operate under brand new triple leases, reimbursing in full for common area maintenance, real estate taxes, and management fees. In addition, T-Mobile and Sports Clips have a 10% rent increase every 5 years and a 12% rent increase for Jersey Mike’s every 5 years.