Retail N Illinois

New Lenox shopping center sells for $4.6 million

New Lenox shopping center sells for 4.6 million,ph1

Marcus & Millichap closed the sale of Bluestone Commons, a 36,025-square-foot retail property located in New Lenox, Illinois, according to Steven D. Weinstock, regional manager of the firm’s Chicago Oak Brook office. After procuring multiple offers, the asset sold to a Canadian real estate firm for $4,600,000.

Adrian Mendoza, first vice president investments, Austin Weisenbeck, senior vice president investments, and Sean R. Sharko, senior vice president investments, in Marcus & Millichap’s Chicago Oak Brook office, exclusively marketed the property on behalf of the seller and also represented the buyer. Dean Giannakopoulos, senior vice president capital markets, with Marcus and Millichap Capital Corporation provided the long-term fixed, non-recourse acquisition financing.

Bluestone Commons is located at 2351-2499 E. Joliet Highway, surrounded by newly constructed properties and shadow anchored by Lowe’s and Target. Located off the recently widened Route 30, the property is in a major retail corridor. At the time of the sale the property was 96 percent occupied by a synergistic mix of nationally franchised and local tenants.