Press Releases
Marcus & Millichap Arranges the Sale of a 13,926-Square-Foot Illinois Retail Center
March 19, 2024
ORLAND PARK, IL, March 19, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of an Autozone Anchored Retail Center, a nearly 14,000-square-foot retail property located in Orland Park, Illinois. The asset sold for $2,100,000.
Mitchell Kiven, an investment specialist in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was sourced by Mitchell Kiven, as well.
This Autozone Anchored Retail Center is located at 9310 W 159th Street in Orland Park, Illinois and is adjacent to a Jewel grocery store, providing a formidable shadow anchor for this property. Autozone occupies about 60 percent of the plaza, with the balance occupied by a complimentary mix of service-oriented tenants. Throughout the course of his marketing campaign, Mitchell Kiven procured seven offers, and eventually awarded the property to a local investor, based in south suburban Cook County. According to Kiven, “selling commercial properties in Cook County remains challenging, but investors’ appetite for neighborhood strip centers like this remains very high – that appetite offsets some of the local investment headwinds related to real estate taxes.” The transaction closed 60 days after going to contract.
Mitchell Kiven, an investment specialist in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was sourced by Mitchell Kiven, as well.
This Autozone Anchored Retail Center is located at 9310 W 159th Street in Orland Park, Illinois and is adjacent to a Jewel grocery store, providing a formidable shadow anchor for this property. Autozone occupies about 60 percent of the plaza, with the balance occupied by a complimentary mix of service-oriented tenants. Throughout the course of his marketing campaign, Mitchell Kiven procured seven offers, and eventually awarded the property to a local investor, based in south suburban Cook County. According to Kiven, “selling commercial properties in Cook County remains challenging, but investors’ appetite for neighborhood strip centers like this remains very high – that appetite offsets some of the local investment headwinds related to real estate taxes.” The transaction closed 60 days after going to contract.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
