Marcus & Millichap Brokers Two Retail Center Sales in Elgin, Orland Park
Marcus & Millichap brokered two separate retail center sales in the Chicago suburbs of Orland Park and Elgin, IL, totaling approximately $27 million. Sean Sharko and Austin Weisenbeck, senior managing directors, investments in Marcus & Millichap’s Chicago Oak Brook office, represented both sellers.
Anchored by Chipotle and Panera, the retail center at 15011-15081 S. La Grange Rd. in Orland Park sold for $17.6 million. The 24,000-square-foot Galleria of Elgin, located at 3091 W. Route 20, sold for approximately $9.52 million.
“The fundamentals of the two sales were really polar opposites, which shows the diversity of deals in the current market,” said Sharko. “With the Orland Park center, it’s new construction and multiple buildings, including drive-thru fast-casual restaurants, and all national credit tenants, whereas the Galleria of Elgin is a modern Class A property with a large volume of long-term tenants, most of which are local mom-and-pop and regional retailers.”
- ◦Sale/Acquisition