Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Metropolitan Square, a 120,983-square-foot mixed-use center in downtown Des Plaines, Ill., a northwest suburb of Chicago. The grocery-anchored lifestyle center sold for $13.025 million, which represents $108 per square foot.

Sean Sharko and Austin Weisenbeck, senior vice presidents of investments in Marcus & Millichap’s Chicago Oak Brook office, represented the private seller and also procured the buyer.

“This sale provides the investor a value-add opportunity to lease approximately 39,000 square feet of vacant space alongside national tenants in the middle of a vibrant community,” said Sharko. “In turn, Metropolitan Square offers tenants an attractive proximity to public transportation and residences, making it an ideal spot to operate a business or restaurant.”

Completed in 2004, Metropolitan Square is located at 518 Metropolitan Way, one block from the Des Plaines Metra station. The property’s retail space includes a 40,000-square-foot 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. Also included in the sale was a three-story, 22,000-square-foot medical office building and 155 surface parking spots. The center’s retail and office space was approximately 68 percent occupied 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 Weisenbeck. “The combination of retail, restaurant and medical office space provides additional foot traffic that supports the overall performance of the center.”

In addition to Shop & Save, tenants at Metropolitan Square include Tap House Grill, Panera Bread, Potbelly, Giordano’s, Forever Yogurt, LA Tan, Elite Training & Fitness, Chiro One and Allstate Insurance.

About Marcus & Millichap (NYSE: MMI)

With over 1,700 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 nearly 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company 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.

Marcus & Millichap recently brokered the $13.025 million sale of Metropolitan Square, a 120,983-square-foot mixed-use center in Des Plaines, Ill.