Marcus & Millichap Real Estate Investment Services has sold Baldwin Plaza, a 14,388-square-foot retail property located in Palatine. The asset commanded a sales price of $1.5 million.
Sean Sharko, Ryan Engle, Adrian Mendoza, Austin Weisenbeck and Adam Fortino, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Mendoza, Sharko and Weisenbeck.
Baldwin Plaza is located at 1625 N. Baldwin Road. The asset closed at 96.8 percent of its original list price. The eight in-place tenants are a mix of local retailers operating under net-leases. Four of the tenants have been at this location for more than 10 years. The subject property sits a block north of the East Dundee Road retail corridor with a traffic count of 39,200 vehicles per day.
Financing was obtained by Marcus & Millichap Capital Corp.’s Richard Lynn. The lender, a local commercial bank that specializes in investment real estate, provided a loan of $900,000 with a five-year term at competitive rates.
