Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Creekside Commons, a 23,058-square-foot, multi-tenant retail property located in Buffalo Grove, Ill., according to David G. Bradley, regional manager of the firm’s Chicago Downtown office. 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 partnership of real estate investors based in Libertyville, Ill. The buyer, Wilmette, Ill.-based Shiner Buffalo Creek LLC, is a retail developer and investor, and 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 is located at 1101 Weiland Road, immediately northeast of the signalized intersection of Weiland Road and Deerfield Parkway. The location has been successful for the property’s core tenants, with the majority of them having operated there for over 20 years. It was marketed as a value-add opportunity for the new owner, who plans to realize significant upside by leasing the three vacant spaces, which collectively total about 3,000 square feet.

About Marcus & Millichap (NYSE: MMI)

With nearly 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.

The majority of Creekside Commons’ core tenants have operated at this location for more than 20 years.

Marcus & Millichap brokered the $4.085 million sale of Creekside Commons, a multi-tenant retail property in Buffalo Grove, Ill.