Marcus & Millichap Inc.

01/27/2025 | Press release | Distributed by Public on 01/28/2025 17:47

Marcus & Millichap Facilitates Sale of Three-Suite Retail Center in Orland Park, Illinois

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Marcus & Millichap Facilitates Sale of Three-Suite Retail Center in Orland Park, Illinois

January 27, 2025
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ORLAND PARK, Ill., Jan. 28, 2025 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a three-suite retail strip property in Orland Park, Illinois. The property sold for $2,915,00.

"Grocery-anchored outlots are highly sought after," said Sean Sharko, senior managing director. "Since the pandemic, more people than ever are running errands at their neighborhood shopping center. Grocery-anchored outlot generate ample foot traffic. This property went list to close in 45 days and closed at 98.98% of the list price."

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, SB 85 LLC. The property was sold to a private repeat Colorado-based buyer, who financed the property with a relationship lender.

The property, located on 0.83 acres at 9380 W. 159th St., sits at a signalized hard-corner intersection of W. 159th Street and S. 94th Avenue, with a combined daily traffic volume of 48,600 vehicles. The 7,205-square-foot retail strip is fully leased to established tenants, including American Mattress, Peppo's Subs, and Thrive Pet Healthcare. It serves as an outlot to Jewel-Osco, the largest Jewel format in Chicago, which attracts 1.4 million visitors annually.

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.