CRE Midwest

Marcus & Millichap arranges the sale of a 9,217 SF retail property

MM-oakbrook
1250 South Michigan Avenue

Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 1250 South Michigan Avenue, a 9,217-square foot retail property located in Chicago, IL

Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 1250 South Michigan Avenue, a 9,217-square foot retail property located in Chicago, IL, according to Steven D. Weinstock, Vice President / Regional Manager of the firm’s Chicago Oak Brook office. The asset sold for $4,950,000.

Sean R. Sharko, Alan Katamanin 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, a limited liability company. The buyer, a limited liability company, was also secured by Sean R. Sharko, Austin Weisenbeck and Alan Katamanin.

The subject property is located at 1250 South Michigan Avenue in Chicago, IL and sold at 96% of its original list price. Located in Chicago’s South Loop, this multi-tenant retail property is situated on the ground floor of a 29 floor high rise condominium tower. The property is situated along the famed Michigan Avenue and less than one-half mile from Lakeshore Drive and Chicago’s Museum Campus. Within a one mile radius there are over 39,000 people making an average annual salary of $106,990.