Mixed-Use Center Sells for $13M in Chicago Suburbs
- Nov 14, 2017
Marcus & Millichap has arranged the sale of Metropolitan Square, a 120,983-square-foot mixed-use grocery-anchored lifestyle center in Des Plaines, Ill. The asset traded for $13 million, or $108 per square foot. The company worked on behalf of the private seller and procured the buyer.
Metropolitan Square is located in the heart of Des Plaines, at 518 Metropolitan Way, only one block away from the Des Plaines Metra station, and is surrounded by communities such as Kingston Pointe and River 595 Apartments. Completed in 2004, the building features 40,000 square feet of retail space, occupied by Shop & Save Market, a freestanding Fifth Third Bank, a 10,500-square-foot, multi-tenant strip center and additional street-level retail in a contiguous condominium building and adjacent public parking garage.
Diverse tenant mix
Other tenants include Tap House Grill, Panera Bread, Potbelly, Giordano’s, Forever Yogurt, LA Tan, Elite Training & Fitness, Chiro One and Allstate Insurance. Additionally, the sale includes a three-story, 22,000-square-foot medical office building and 155 surface parking spots. The building offers approximately 39,000-square feet of vacant space and was 68 percent leased at the time of sale.
“Grocery-anchored centers like Metropolitan Square have proven especially resilient in today’s retail market and, as a result, generate strong interest among investors—something we were able to capitalize on by procuring a competitive, multiple-offer situation,” said Austin Weisenbeck, senior vice president of investments in Marcus & Millichap’s Chicago Oak Brook office, in prepared remarks. “The combination of retail, restaurant and medical office space provides additional foot traffic that supports the overall performance of the center.”
Image courtesy of Marcus & Millichap