Marcus & Millichap Arranges Sale of Suburban Chicago Retail Asset
- Jun 24, 2019
A team of Marcus & Millichap brokers has arranged the sale of Bluestone Commons, a 36,025-square-foot retail property in New Lenox, Ill., to a Canadian real estate firm, for $4.6 million. First Vice President Adrian Mendoza and Senior Vice Presidents Austin Weisenbeck and Sean Sharko marketed the property on behalf of the seller and also represented the buyer. Senior Vice President of capital markets Dean Giannakopoulos provided the long-term, non-recourse acquisition financing.
Bluestone Commons is located at 2351-2499 E. Joliet Highway, off the recently widened Route 30 and part of a strong retail corridor. The property was 96 percent occupied at the time of the sale. Shadow-anchored by Lowe’s and Target, the property is also home to two local medical users, Integrated Physical Medicine and Dr. Gibbon’s office, as well as a number of health and specialist users including Beast Training, Jung’s Champion Taekwondo and Turning Point Dance.
The retail asset serves a 3-mile radius population of more than 40,000 with an average income of more than $130,000.
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