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Orland Park Retail Draws Strong Investor Interest
Marcus & Millichap closed on the sale of Concordia Commons, a 23,125-square-foot shopping strip at the corner of La Grange Road and 147th Street in Orland Park, IL. The property traded for $2.2 million.
Mitchell Kiven, Michael Volini, James Ziegler and Keith Zelenika, all with Marcus & Millichap’s Chicago Downtown office, marketed the property on behalf of the undisclosed seller.
The property received five written offers within the first 30 days of marketing. Even after the property went under contract, investors continued to express interest.
“This property offered exactly what the majority of value buyers are looking for in the current retail market – small shop space, low rents, and an irreplaceable location on a hard corner on a highly trafficked retail corridor,” said Kiven.
Concordia Commons is anchored by US Bank, but is otherwise leased to service-oriented tenants with strong local followings and a long history of occupancy.
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- ◦Sale/Acquisition
