Retail N Illinois

Hanover Park, Illinois retail center sells for $4.4 million

Hanover Park, Illinois retail center sells for $4.4 million,ph1

Marcus & Millichap announced the sale of Sandpiper Plaza, a 35,986-square-foot shopping plaza located in Hanover Park, Illinois, according to Steven D. Weinstock, regional manager of the firm’s Chicago Oak Brook office. After multiple offers, the property went from contract to close in 51 days and sold for $4,400,000.

“We received significant interest in this deal because of the property’s long-operating history and location in a strong retail corridor,” said Austin Weisenbeck, a senior vice president investments in Marcus & Millichap’s Chicago Oak Brook office. “It was a value-add opportunity with below market, replaceable rents and favorable DuPage County taxes.”

Located at 1916-2030 Army Trail Road, the recently renovated center is anchored by Walgreens, who has occupied the space since 1994. Weisenbeck and Sean Sharko, senior vice president investments in Marcus & Millichap’s Chicago Oak Brook office, exclusively marketed the property on behalf of the seller. The Chicagoland-buyer was secured and represented by Weisenbeck, Sharko and Adrian Mendoza, first vice president, investments.