May 10, 2019 Comments Off on Multi-Tenant Buffalo Grove Retail Sells as Value-Add Views: 489 Chicago News, Greater Chicagoland

Multi-Tenant Buffalo Grove Retail Sells as Value-Add

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Marcus & Millichap recently arranged the sale of Creekside Commons, a 23,058-square-foot, multi-tenant retail property in Buffalo Grove, IL. The asset sold for $4.085 million.

Mitchell Kiven, a senior associate in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, a Libertyville, IL-based partnership of real estate investors. The buyer, Wilmette, IL-based Shiner Buffalo Creek LLC, was also sourced by Kiven.

“Despite headlines about challenges facing the retail sector, investor appetite for this kind of service-oriented neighborhood retail property remains strong,” said Kiven. “We had five written offers on the property from local, national and even international buyers. The property was on the market for less than 30 days before going under contract.”

Creekside Commons was marketed as a value-add opportunity for the new owner, who plans to realize significant upside by leasing its three vacant spaces.

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