Press Releases
Marcus & Millichap Announces $5.1M Sale of 6-Suite Retail Strip Center in Illinois
January 13, 2025
CHAMPAIGN, Ill., Jan. 13, 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 Champaign Station, a 6-suite retail strip property located in Champaign, Illinois. The property sold for $5.1 million.
“We sold this property in 2020 to one of our clients and watched as they successfully executed their value-add business plan,” said Alex Perez, first vice president investments. “They then gave us the opportunity to sell it for them, and we found another client who was attracted to the now-stabilized deal and the favorable real estate fundamentals of multi-tenant retail in a vibrant college town.”
Perez and Chris Garavaglia, investment specialists in Marcus & Millichap’s St. Louis office, had the exclusive listing to market the property on behalf of the seller, a private equity group, and procured the buyer, a private equity group based out of North Carolina. Steven Weinstock is Marcus & Millichap’s broker of record in Illinois.
Champaign Station is situated on 3.31 acres at 507 W. Town Center Boulevard. Built in 2007, the 21,152-square-foot strip center is fully leased to a mix of e-commerce resistant, restaurant and service-oriented tenants. The property is shadow anchored by Menards and is adjacent to Market Place Shopping Center, the number one regional mall in the state of Illinois.
“We sold this property in 2020 to one of our clients and watched as they successfully executed their value-add business plan,” said Alex Perez, first vice president investments. “They then gave us the opportunity to sell it for them, and we found another client who was attracted to the now-stabilized deal and the favorable real estate fundamentals of multi-tenant retail in a vibrant college town.”
Perez and Chris Garavaglia, investment specialists in Marcus & Millichap’s St. Louis office, had the exclusive listing to market the property on behalf of the seller, a private equity group, and procured the buyer, a private equity group based out of North Carolina. Steven Weinstock is Marcus & Millichap’s broker of record in Illinois.
Champaign Station is situated on 3.31 acres at 507 W. Town Center Boulevard. Built in 2007, the 21,152-square-foot strip center is fully leased to a mix of e-commerce resistant, restaurant and service-oriented tenants. The property is shadow anchored by Menards and is adjacent to Market Place Shopping Center, the number one regional mall in the state of Illinois.
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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.
