Retail Property with Dispensary, Smoothie Shop Sells in Waukegan
Marcus & Millichap closed the sale of a 7,100-square-foot retail property, featuring a dispensary and Tropical Smoothie Café, located in Waukegan, Illinois. The asset sold for $2.75 million.
Senior Managing Director 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 limited liability company.
The retail property is located at 992 S. Waukegan Road, and it is an outlot to a high-end casino and hotel under construction that is set to open in 2025. Both tenants have attractive lease terms with 10 percent rental increases every five years. The center is situated near other major retailers and hotels, including a Walmart Supercenter.
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.