Retail N Illinois

Marcus & Millichap arranges sale of Des Plaines retail property

Marcus & Millichap arranges sale of Des Plaines retail property,ph01

Marcus & Millichap announced the sale of Oaklee Plaza, a 34,267-square-foot stabilized asset anchored by a new extended Starbucks, located in Des Plaines, Illinois, according to Steven D. Weinstock, regional manager of the firm’s Chicago Oak Brook office. The asset sold for $6,400,000.

The Chicago-based buyer was secured and represented by Austin Weisenbeck and Sean R. Sharko, investment specialists in Marcus & Millichap’s Chicago Oak Brook office. Danny Spitz and Greg Dietz, partners at Greenstone Partners, represented the seller in the transaction.

Located at 1427-1485 Lee Street in Des Plaines on a prime location just north of the Lee and Oakton street intersection, the property is exposed to over 53,000 vehicles passing per day. The population within a five-mile radius is 298,000 with an average household income of approximately $90,000.