Marcus & Millichap Inc.
Marcus & Millichap Inc.
10/09/2024 | Press release | Distributed by Public on 10/09/2024 23:05
Marcus & Millichap Arranges Sale of Prime Mixed-Use Property in Western Springs, Illinois
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Marcus & Millichap Arranges Sale of Prime Mixed-Use Property in Western Springs, Illinois
September 10, 2024
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WESTERN SPRINGS, Ill., Sept. 10, 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 800 Hillgrove Avenue, a 21,215-square-foot mixed-use retail center located in downtown Western Springs, Illinois.
"This sale highlights the appeal of well-located, high-quality assets in thriving suburban markets," said Adrian Mendoza, first vice president investments. "Despite several zoning challenges, we navigated the process to attract an all-cash buyer and swiftly move to contract within 14 days, speaking to both the demand for this trophy property and the confidence investors have in the long-term stability of the tenant mix."
Mendoza, Sean Sharko and Austin Weisenbeck, investment specialists in Marcus & Millichap's Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, and procured the buyer. Steven Weinstock, Broker of Record in Illinois, assisted in closing the transaction.
Located at the intersection of Wolf Road and Hillgrove Avenue, the center features a variety of tenants, including popular restaurants like Hillgrove Tap, Davanti Enoteca and Guac N Tacos, all with outdoor seating. It also houses Beacon Oral Specialists and serves as the corporate headquarters for Planet Forward. Built in 2004, the property is located near the Western Springs Metra Station and Interstate 294.
"This sale highlights the appeal of well-located, high-quality assets in thriving suburban markets," said Adrian Mendoza, first vice president investments. "Despite several zoning challenges, we navigated the process to attract an all-cash buyer and swiftly move to contract within 14 days, speaking to both the demand for this trophy property and the confidence investors have in the long-term stability of the tenant mix."
Mendoza, Sean Sharko and Austin Weisenbeck, investment specialists in Marcus & Millichap's Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, and procured the buyer. Steven Weinstock, Broker of Record in Illinois, assisted in closing the transaction.
Located at the intersection of Wolf Road and Hillgrove Avenue, the center features a variety of tenants, including popular restaurants like Hillgrove Tap, Davanti Enoteca and Guac N Tacos, all with outdoor seating. It also houses Beacon Oral Specialists and serves as the corporate headquarters for Planet Forward. Built in 2004, the property is located near the Western Springs Metra Station and Interstate 294.
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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.