Press Releases
Marcus & Millichap Arranges $2.98M Sale of Retail Strip Center in Mount Prospect, Ill.
February 09, 2026
MOUNT PROSPECT, Ill., Feb. 9, 2026 – 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 1776 Algonquin Road, a 22,910-square-foot retail strip center in Mount Prospect, Illinois. The property sold for $2,975,000.
“We generated multiple offers for this property, reflecting the significant demand we’re seeing for older neighborhood retail centers, especially those with a clear value-add component,” said Mitchell Kiven, managing director investments. “The buyer pool for this asset class remains deep, and we anticipate meaningful rent growth for well-located centers like this over the next five to ten years.”
Kiven, Coult Greenwell, Eric Abbott and Zachary Taylor, investment specialists in Marcus & Millichap’s Chicago Downtown and Atlanta offices, had the exclusive listing to market the property on behalf of the seller, a large property owner with a national retail portfolio, and procured the buyer, a local investor who operates a chain of grocery stores.
Built in 1964, the property sits on 1.81 acres and is positioned between three signalized intersections. The center features a mix of retail and service tenants across 13 suites. The buyer plans to improve the physical condition of the property and work to lease second floor space.
“We generated multiple offers for this property, reflecting the significant demand we’re seeing for older neighborhood retail centers, especially those with a clear value-add component,” said Mitchell Kiven, managing director investments. “The buyer pool for this asset class remains deep, and we anticipate meaningful rent growth for well-located centers like this over the next five to ten years.”
Kiven, Coult Greenwell, Eric Abbott and Zachary Taylor, investment specialists in Marcus & Millichap’s Chicago Downtown and Atlanta offices, had the exclusive listing to market the property on behalf of the seller, a large property owner with a national retail portfolio, and procured the buyer, a local investor who operates a chain of grocery stores.
Built in 1964, the property sits on 1.81 acres and is positioned between three signalized intersections. The center features a mix of retail and service tenants across 13 suites. The buyer plans to improve the physical condition of the property and work to lease second floor space.
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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.
