Texas-Based Syndicator Scoops Up Franklin Park Shopping Center
Marcus & Millichap closed the sale of a Just Tires-anchored retail center, a 42,111-square-foot retail property shadow anchored by a Jewel grocery store, located at 10237 Grand Ave. in Franklin Park, IL. The asset sold for $4,684,500.
First VPs Mitchell Kiven and James Ziegler and associate Keith Zelenika, investment specialists in Marcus & Millichap’s Chicago Downtown office, marketed the property on behalf of the seller, an investment fund with several partners based primarily in Chicago. Kiven also sourced the buyer, Jupiter Texas Group, a real estate syndicator based in Frisco, TX, which has been actively buying retail centers across the U.S. over the past several years.
Financing was obtained on behalf of the buyer by Dean Giannakopoulos, senior managing director, Marcus & Millichap Capital Corporation; and Frank Montalto, managing director, IPA Capital Markets.