Retail N Illinois

Multi-tenant retail strip in Chicago's West Lawn sells for $7.5 million

Multi-tenant retail strip in Chicago's West Lawn sells for 7.5 million,ph01

Marcus & Millichap brokered the sale of Courtesy Plaza, a grocery-shadow-anchored, 42,346-square foot 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 asset sold for $7,575,000.

Adrian Mendoza, first vice president, Austin Weisenbeck and Sean 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 developer. The buyer, a private investor, was also secured and represented by Mendoza, Weisenbeck and Sharko

Courtesy Plaza is located at 5160 S. Pulaski Road in Chicago’s West Lawn neighborhood at a signalized intersection and is 100 percent occupied. The property procured six written offers from in-state and out-of-state buyers and was sold to an East Coast-based private investment group. The team successfully navigated through a complex escrow involving multiple deal hurdles.