Marcus & Millichap has successfully facilitated the $13.976 million sale of a premier retail property in Mundelein, Illinois. The 89,357-square-foot shopping center, anchored by LA Fitness, also secured $9.78 million in acquisition financing through the firm’s capital division, marking a significant transaction for the Chicagoland commercial real estate market.
Key takeaways
- The property sold for approximately $13.976 million.
- Marcus & Millichap Capital Corporation secured $9.78 million in acquisition financing.
- The 89,357-square-foot center is anchored by LA Fitness and includes tenants like Kids Empire, The Dog Stop, and The Picklr Club.
- The buyer was an out-of-state investor utilizing a 1031 exchange.
Property and transaction overview
Located at 1555 S. Lake St. in Mundelein, the retail center spans 7.48 acres. Built in 2019, the modern facility serves as a hub for local fitness and recreation, offering a stable tenant mix that appeals to investors. The sale was managed by the Sharko | Weisenbeck | Mendoza Group, who represented the seller, an experienced real estate developer based in the Chicagoland area. The brokerage team successfully leveraged their proprietary database to identify a buyer, highlighting the effectiveness of their platform in a competitive market environment.
Financing and market demand
The acquisition was supported by $9.78 million in financing arranged by Dean Giannakopoulos of Marcus & Millichap’s Chicago Oak Brook office. This financing deal underscores the continued institutional and private investor demand for high-quality, fitness-anchored retail assets in the Midwest. By utilizing a 1031 exchange, the out-of-state buyer was able to strategically deploy capital into this well-positioned asset, further demonstrating the enduring appeal of modern, well-tenanted retail properties in the current economic climate.