Marcus & Millichap closed the sale of a 15,577-square foot retail center located in Gurnee, Illinois, according to Steven D. Weinstock, regional manager of the firm’s Chicago Oak Brook office. The asset sold to an out-of-state buyer for $10,675,000.
Austin Weisenbeck, senior vice president investments, and Sean R. Sharko, senior vice president investments, in Marcus & Millichap’s Chicago Oak Brook office, exclusively marketed the property on behalf of the seller. Robert Bhat, first vice president capital markets, with Marcus & Millichap’s Capital Corporation, arranged the $6.9 million, non-recourse loan.
“The property is located on an out-lot parcel to Gurnee Mills Mall, which is well-located on the hard corner intersection of Grand Avenue and Hund Club Road and has over 1.9 million square feet of retail,” said Bhat. “The borrower was able to lock in a 65 percent loan-to-value loan at 4.64 percent with 10 years interest only.”
The property is located at 6440 Grand Avenue. At the time of the sale, the property was 100 percent occupied with an optimal national tenant mix. Panera Bread relocated to this site with a 15-year firm term. Mission BBQ is on a firm 10-year initial term lease while Comcast is on a firm seven-year initial term lease.