Marcus & Millichap Arranges Sale of Hanover Park Retail Property
Marcus & Millichap closed the sale of Hanover Square, a grocery-anchored, 111,828-square-foot multi-tenant retail property located in Hanover Park, Illinois. This property was offered, and closed below replacement cost, as an all-cash transaction. The asset sold for $7.25 million.
Senior Managing Directors, Austin Weisenbeck and Sean Sharko, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a government agency.
Hanover Square is located at 6606 Barrington Road. Situated on a signalized, hard-corner intersection with over 25,400 total vehicles passing per day. The center offers a diverse mix of national, regional, and local tenants, and consists of two outlots anchored by a full-service grocer and a well-known gymnastics training center. Ten tenants have operated at this location for at least ten years and five tenants with at least 34 years of operating history.
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.