Retail N Illinois

Humboldt Park shopping strip sells for $2.3 million

Humboldt Park shopping strip sells for 2.3 million,ph1

Marcus & Millichap brokered the sale of a Pep Boys-anchored urban infill retail property located in Chicago, according to Steven D. Weinstock, regional manager and first vice president of the firm’s Chicago Oak Brook office. The 15,022-square foot asset sold for $2,275,000.

Adrian Mendoza, first vice president, Austin Weisenbeck and Sean R. Sharko, senior vice presidents and investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a fund manager. The buyer, a limited liability company, was secured and represented by Moe Derbala-Khalifa, an investment specialist in Marcus & Millichap’s Tampa office

Located at 4435 W. Grand Avenue in Chicago’s Humboldt Park neighborhood, the listing procured five written offers. The property is 100 percent occupied by a mix of national and local tenants and all tenants are operating under net leases with management fee reimbursement. This is a highly visible site with three points of full access in a densely populated area.