Press Releases
Marcus & Millichap Arranges $3.38M Sale and $2.7M Financing of 12-Suite Retail Strip Property in Illinois
March 18, 2025
URBANA, Ill., March 18, 2025 – 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 Gateway Shoppes at Five Points, a 12-suite retail strip property located in Urbana, Illinois for $3,375,000. Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, secured $2,720,000 in acquisition financing.
“Our client has invested in a portfolio of multi-tenant retail properties across the U.S.,” said David O’Keefe, first vice president investments. “This deal was particularly attractive due to its 8.47% going-in cap rate, proximity to the University of Illinois, and a strong mix of e-commerce-resistant tenants.”
Jeremie Johnson and Nathan Whalen, investment specialists in Marcus & Millichap’s Indianapolis office, had the exclusive listing to market the property on behalf of the seller, Prairie Holdings Newton, LLC. O'Keefe, Steve Bogoyevac and Johnathan Weir from the firm’s South Bay office procured the buyer, Nikolas Chugay. Steven Weinstock is Marcus & Millichap’s broker of record in Illinois.
Michael Derk, executive managing director in the firm’s Nashville office, secured a 10-year acquisition loan on behalf of the buyer. Terms include a 6.74% interest rate with a 30-year amortization period and 80% loan-to-value.
Gateway Shoppes at Five Points, located at 110 E. University Ave., consists of two multi-tenant strip centers on 4.6 acres at a high-traffic intersection with 35,400 daily vehicles. The 29,595-square-foot property is 95% occupied with a diverse mix of national and local tenants. Positioned less than a mile from the University of Illinois and surrounded by major retailers such as Schnucks, Walgreens and McDonald's, the center benefits from strong market demand.
“Our client has invested in a portfolio of multi-tenant retail properties across the U.S.,” said David O’Keefe, first vice president investments. “This deal was particularly attractive due to its 8.47% going-in cap rate, proximity to the University of Illinois, and a strong mix of e-commerce-resistant tenants.”
Jeremie Johnson and Nathan Whalen, investment specialists in Marcus & Millichap’s Indianapolis office, had the exclusive listing to market the property on behalf of the seller, Prairie Holdings Newton, LLC. O'Keefe, Steve Bogoyevac and Johnathan Weir from the firm’s South Bay office procured the buyer, Nikolas Chugay. Steven Weinstock is Marcus & Millichap’s broker of record in Illinois.
Michael Derk, executive managing director in the firm’s Nashville office, secured a 10-year acquisition loan on behalf of the buyer. Terms include a 6.74% interest rate with a 30-year amortization period and 80% loan-to-value.
Gateway Shoppes at Five Points, located at 110 E. University Ave., consists of two multi-tenant strip centers on 4.6 acres at a high-traffic intersection with 35,400 daily vehicles. The 29,595-square-foot property is 95% occupied with a diverse mix of national and local tenants. Positioned less than a mile from the University of Illinois and surrounded by major retailers such as Schnucks, Walgreens and McDonald's, the center benefits from strong market demand.
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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.
