Retail N Illinois

Palatine retail center sells for $4.4 million

Palatine retail center sells for $4.4 million,ph1

Marcus & Millichap announced the sale of a 50,400-square-foot retail property, located in Palatine, Illinois, according to Steven D. Weinstock, regional manager of the firm’s Chicago Oak Brook office. The asset went from contract to close in 73 days and sold in an all-cash transaction for $4,442,500.

Adrian Mendoza, Austin Weisenbeck and Sean R. Sharko, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, exclusively marketed the property on behalf of the seller.  The Chicago-based buyer, a private investor, was procured and represented by Mendoza, Weisenbeck and Sharko.

Located at 1160-1220 E. Dundee Road in Palatine, the property anchor is Plaza La Rosita, a specialty Hispanic grocery store that has operated on the site for over 15 years and that recently signed a new 10-year lease extension. There is opportunity for the buyer to add significant value by leasing the remaining 7,500-square-feet of vacant space.