Net Lease N Illinois

Retail property sells in Chicago’s south suburbs for $3.7 million

Retail property sells in Chicagos south suburbs for 3.7 million,ph1

Marcus & Millichap announced the sale of a 7,098-square-foot retail property located in Flossmoor, Illinois, according to Steven D. Weinstock, regional manager of the firm’s Chicago Oak Brook office. The asset sold to a local 1031 buyer at 97.8 percent of list price for $3,725,000.

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.

The property, located at 3820 Vollmer Road, is shadow-anchored by Meijer. The tenant lineup of AT&T, Jersey Mike’s, Starbucks and Captain Hooks were all operating under net leases at the time of the sale. Located on heavily traveled Vollmer Road, the property benefits from high visibility from its signalized, hard corner intersection location.