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Chicago & Midwest  + Greater Chicagoland  + Retail  | 

Marcus & Millichap Arranges Sale of $2M Multi-Tenant Retail Property In Elgin

Marcus & Millichap arranged the sale of a 10,500-square-foot retail property located in Elgin, Illinois. Per Steven D. Weinstock, regional manager and senior vice president of the firm’s Chicago Oak Brook office, it sold for $2,125,000 million with no re-trades on price and terms.

Marcus & Millichap’s Adrian Mendoza, first vice president, along with Austin Weisenbeck and Sean Sharko, senior managing directors, had the exclusive listing to market on behalf of the seller, a limited liability company. The team procured seven offers from in-state and out-of-state investors. The buyer, an East-coast based LLC/personal trust with a 1031 exchange, was secured by Mendoza, Weisenbeck, and Sharko.

The center is anchored by Advance Auto Parts, which makes up 65% of the income, and is located at 1881 Larkin Avenue. The service-based tenant center is 100% occupied with a stable tenant roster. The population within five miles is currently 168,008 residents, with anticipated growth of 2.46% over the next five years.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.