Retail N Illinois

McKinley Park strip center sells for $1.8M

McKinley Park strip center sells for $1.8M,ph1

Marcus & Millichap announced the sale of a 9,600-square-foot retail property located 3160-3170 S. Ashland Avenue in Chicago, according to Steven D. Weinstock, regional manager of the firm’s Chicago Oak Brook office. After the seller received multiple offers, the asset sold for $1,800,000, or 7.5 percent above list price, to a Chicago-based non-1031 exchange buyer.

Adrian Mendoza, Austin Weisenbeck and Sean R. Sharko, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also secured and represented by Mendoza, Weisenbeck and Sharko.

Located in McKinley Park on Chicago’s Southwest Side, the property is minutes from I-55 and within walking distance of the CTA Orange Line. A CTA bus stops right in front of the property, which is located directly across the street from a new Mariano’s Fresh Market and has high visibility to passing traffic. The property is 100 percent occupied by convenience, food and service-based tenants.