Marcus & Millichap Inc.
08/20/2024 | Press release | Distributed by Public on 08/20/2024 13:53
Marcus & Millichap Arranges Sale and Financing of Three Building Retail Portfolio in Illinois
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Marcus & Millichap Arranges Sale and Financing of Three Building Retail Portfolio in Illinois
August 20, 2024
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MOUNT PROSPECT, Ill., August 20, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a three-building, 11-tenant retail portfolio located in Mount Prospect, Illinois. The properties collectively sold for $12,452,000. The firm's capital markets subsidiary, Marcus & Millichap Capital Corporation (MMCC), arranged $6.4 million in acquisition financing.
"The buyer pursued this center because of its prime location, demographics and strong tenant roster," said Jeff Rowlett, senior managing director investments. "They plan to hold the property as a long-term investment."
Rowlett and Matthew Gordon, investment specialists in Marcus & Millichap's Milwaukee office, procured the buyer, Lula Holdings, a Wisconsin limited liability partnership. Maggie Holmes of Northmarq represented the seller, RREF III-P Randhurst Village, a Delaware limited liability company. Steven Weinstock, Broker of Record in Illinois, assisted in closing the transaction. Michael Hughes, first vice president in Marcus & Millichap Capital Corporation's Milwaukee office, secured the financing with US Bank.
"Our client is an experienced real estate owner seeking only 50 percent leverage which allowed us to go to a wide group of capital sources," said Hughes. "Notwithstanding the market turmoil and daily movement in spreads, we were able to close on terms issued under the lender term sheet."
The three properties are strategically situated outparcels to Randhurst Village, a Costco-anchored shopping mall featuring nearly 40 national and regional stores and restaurants. The first property, at 102 E. Kensington Road, hosts Chipotle, Five Guys, Jersey Mike's, Sports Clips and T-Mobile. The second, at 1065 Elmhurst Road, includes GNC, Panera Bread and Nothing Bundt Cakes. The third, located at 1027 Randhurst Village, features Hangry Joe's, MOD Pizza and Poke Bros. Built in 2012, the properties occupy a combined 3.60 acres in the premier Chicago suburb of Mount Prospect.
"The buyer pursued this center because of its prime location, demographics and strong tenant roster," said Jeff Rowlett, senior managing director investments. "They plan to hold the property as a long-term investment."
Rowlett and Matthew Gordon, investment specialists in Marcus & Millichap's Milwaukee office, procured the buyer, Lula Holdings, a Wisconsin limited liability partnership. Maggie Holmes of Northmarq represented the seller, RREF III-P Randhurst Village, a Delaware limited liability company. Steven Weinstock, Broker of Record in Illinois, assisted in closing the transaction. Michael Hughes, first vice president in Marcus & Millichap Capital Corporation's Milwaukee office, secured the financing with US Bank.
"Our client is an experienced real estate owner seeking only 50 percent leverage which allowed us to go to a wide group of capital sources," said Hughes. "Notwithstanding the market turmoil and daily movement in spreads, we were able to close on terms issued under the lender term sheet."
The three properties are strategically situated outparcels to Randhurst Village, a Costco-anchored shopping mall featuring nearly 40 national and regional stores and restaurants. The first property, at 102 E. Kensington Road, hosts Chipotle, Five Guys, Jersey Mike's, Sports Clips and T-Mobile. The second, at 1065 Elmhurst Road, includes GNC, Panera Bread and Nothing Bundt Cakes. The third, located at 1027 Randhurst Village, features Hangry Joe's, MOD Pizza and Poke Bros. Built in 2012, the properties occupy a combined 3.60 acres in the premier Chicago suburb of Mount Prospect.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.