Marcus & Millichap closed the sale of Concordia Commons, a 23,125-square foot shopping strip located on the corner of La Grange Road and 147th Street in Orland Park, Illinois, according to David G. Bradley, regional manager of the firm’s Chicago Downtown office. The asset sold for $2,200,000.
Mitchell Kiven, Michael Volini, James Ziegler and Keith Zelenika, investment specialists in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller.
The property received five written offers within the first 30 days of marketing. Even after the property went under contract, investors continued to express interest in the asset. According to Kiven, “this property offered exactly what the majority of value buyers are looking for in the current retail market—small shop space, low rents and an irreplaceable location on a hard corner on a highly trafficked retail corridor.” Concordia Commons is anchored by US Bank but is otherwise leased to service-oriented tenants with strong local followings and a long history of occupancy at the property.