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Mount Prospect Retail Strip Center Trades Hands
Marcus & Millichap completed the sale of 1776 Algonquin Road, a 22,910-square-foot retail strip center in Mount Prospect, Illinois. The property sold for $2.975 million.
“We generated multiple offers for this property, reflecting the significant demand we’re seeing for older neighborhood retail centers, especially those with a clear value-add component,” said Mitchell Kiven, managing director of investments.
Kiven, Coult Greenwell, Eric Abbott and Zachary Taylor, investment specialists in Marcus & Millichap’s Chicago Downtown and Atlanta offices, had the exclusive listing to market the property on behalf of the seller, a large property owner with a national retail portfolio, and procured the buyer, a local investor who operates a chain of grocery stores.
Built in 1964, the property sits on 1.81 acres and is positioned between three signalized intersections. The center features a mix of retail and service tenants across 13 suites. The buyer plans to improve the property’s condition and lease the second-floor space.
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