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.