Press Releases
Marcus & Millichap Arranges $10.5M Sale of Prime Retail Strip in Vernon Hills, Illinois
October 21, 2024
VERNON HILLS, Ill., Oct. 21, 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 Hawthorn Village Commons, a 51,815-square-foot retail strip property located in Vernon Hills, Illinois. The property sold for $10.5 million.
“With the sale of Hawthorn Village Commons, the SWM team successfully completed both the downleg and upleg of a buyer’s 1031 exchange,” said Adrian Mendoza, first vice president of investments. “Our team’s extensive network of relationships allowed us to secure a stable replacement property for the buyer. "
Mendoza, Sean Sharko and Austin Weisenbeck, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the listing to market the property on behalf of the seller, a privately held Chicagoland investment group, and procured the buyer, a local investor. Steven Weinstock, Broker of Record in Illinois, assisted in closing the transaction.
The retail strip is located on 1.11 acres at 220 Hawthorn Village Commons. Built in 1981, the property hosts a mix of tenants including Hobby Lobby, Dollar Tree, Panda Express, Wendy’s and Subway. The asset is in a prominent retail corridor adjacent to Hawthorn Mall, along with other national retailers such as Target, Walmart and Whole Foods.
“With the sale of Hawthorn Village Commons, the SWM team successfully completed both the downleg and upleg of a buyer’s 1031 exchange,” said Adrian Mendoza, first vice president of investments. “Our team’s extensive network of relationships allowed us to secure a stable replacement property for the buyer. "
Mendoza, Sean Sharko and Austin Weisenbeck, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the listing to market the property on behalf of the seller, a privately held Chicagoland investment group, and procured the buyer, a local investor. Steven Weinstock, Broker of Record in Illinois, assisted in closing the transaction.
The retail strip is located on 1.11 acres at 220 Hawthorn Village Commons. Built in 1981, the property hosts a mix of tenants including Hobby Lobby, Dollar Tree, Panda Express, Wendy’s and Subway. The asset is in a prominent retail corridor adjacent to Hawthorn Mall, along with other national retailers such as Target, Walmart and Whole Foods.
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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, 2024, the company had 1,712 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 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
