Marcus & Millichap Real Estate Investment Services has sold Lowe’s Retail Center, a 9,338-square-foot retail property located in Orland Park. The asset commanded a sales price of $3,975,000.
Brian Parmacek and Stephen Rachman, investment specialists in Marcus & Millichap’s Chicago O’Hare office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a long-term north side apartment investor, was secured and represented by Steve Livaditis, an investment specialist in Marcus & Millichap’s Chicago O’Hare office. Jim Sotos, a director at Marcus & Millichap Capital Corp., secured the financing, a 10-year term at 4.71 percent.
Lowe’s Retail Center is located at 15619 S. La Grange Road, right off a signalized intersection at 156th Street, within a major retail corridor anchored by several big-box retailers including Whole Foods, Apple, Staples and Target. The subject property is a 100 percent occupied NNN tenant strip center with all leases being renewed or new. The building boasts curb appeal from its architecture and professional landscaping that can been seen by traffic on LaGrange Road.
