CRE Midwest

Marcus & Millichap arranges the sale of a 8,260 SF retail property

MM-retail
1400 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 1400 South Michigan Avenue, a 8,260-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 1400 South Michigan Avenue, a 8,260-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 $3,650,000.

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 1400 South Michigan Avenue in Chicago, IL and sold at 92 percent of its original list price. Located in Chicago’s South Loop, this multi-tenant retail property is situated on the ground floor of a 455-unit luxury condominium tower. This four tenant property is 100 percent leased to several well-known retailers including two restaurants, Waffles Chicago, Square One Bar and Sanctuary Music & Aesthetics audio design solutions.