Marcus & Millichap completed the sale of a value-add, multi-tenant retail property located at 4880 W. Euclid Avenue in a community-based neighborhood and medical office center in Palatine, Illinois.

Senior Managing Directors Austin Weisenbeck and Sean Sharko and First Vice President Adrian Mendoza, 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 property closed at over 103 percent of the list price and took 52 days from coming to market to close. Mendoza, Weisenbeck, and Sharko secured and represented the buyer, a local limited liability company that closed all cash.

“This deal demonstrates investors continued appetite for well-located service-based, neighborhood shopping centers. These properties offer more attractive yields than alternative asset classes.  Neighborhood centers have displayed their resiliency in the face of various challenges through the past decade, including the pandemic and changes in e-commerce,” said Mendoza.