Marcus & Millichap Inc.

01/27/2025 | Press release | Distributed by Public on 01/28/2025 17:46

Marcus & Millichap Announces Sale and Financing of 22-Suite Retail Center in Illinois

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Marcus & Millichap Announces Sale and Financing of 22-Suite Retail Center in Illinois

January 27, 2025
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NAPERVILLE, Ill., Jan. 27, 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 22-suite retail property located in Naperville, Illinois. The property sold for $6,995,000. Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, arranged the financing.

"This transaction underscores the strong demand we're seeing for neighborhood centers, especially those priced below replacement cost," said Sean Sharko, senior managing director investments. "What's particularly noteworthy about this property is the significant level of activity it generated despite the absence of national tenants, apart from Dollar Tree. This reflects the ongoing appeal of well-located centers that cater to community-focused needs, with a tenant mix that ensures stability and long-term value for investors."

Sharko, Austin Weisenbeck and Adrian Mendoza, investment specialists in Marcus & Millichap's Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, 1550 State RTE 59 LLC, and procured the buyer, an out-of-state professional ownership group that was expanding their Illinois portfolio. Dean Giannakopoulos, senior managing director in MMCC's Chicago Downtown office secured $5,105,000 in financing with a regional bank on behalf of the buyer.

The 59,935-square-foot center is at 1550 N. Illinois Rte. 59 with access to Interstate 88. Built in 1988, the property is anchored by Dollar Tree and Anytime Fitness, with a mix of long-term tenants spanning dining, retail and service-oriented businesses, some of which have operated there since its construction.

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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.