Retail N Illinois

Marcus & Millichap arranges sale of State Street retail property

Marcus & Millichap arranges sale of State Street retail property,ph1

Marcus & Millichap announced the sale of 114 S. State Street, a 27,780-square-foot retail property located in Chicago, according to Steven D. Weinstock, regional manager of the firm’s Chicago Oak Brook office. The asset went from contract to close in under 60 days and sold for $9,125,000.

Austin Weisenbeck, senior vice president investments, Sean R. Sharko, senior vice president investments, and Joseph Bono, an associate, in Marcus & Millichap’s Chicago Oak Brook office, exclusively marketed the property on behalf of the seller. They also represented the buyer, a local investor in a 1031-exchange.

This irreplaceable Chicago real estate location is in the heart of State Street’s historical retail corridor. The property underwent a complete renovation in 2007. This property provides the purchaser with a rare add-value opportunity in one of the highest barriers to entry submarkets in Chicago.