Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced it has brokered the $2.2 million sale of the first phase of an 80-acre land parcel in Plainfield, Ill., a southwest suburb of Chicago.

Located at the southeast corner of 143^rd Street and Steiner Road, near Route 59, the former family-owned farmland has been rezoned for a large residential development comprising 277 single-family homes.

Marcus & Millichap’s Richard Kozarits, senior associate and director in the firm’s National Land and Redevelopment Division, represented the seller, Kipling Group LLC of Shorewood, Ill., and procured the buyer, Arlington, Texas-based D.R. Horton, one of the largest homebuilders in the U.S.

“This area of Will County has become an active market for developers and homebuilders due to the large volume of raw land available,” said Kozarits. “The site’s proximity to downtown Plainfield as well as other nearby suburbs like Naperville makes this an ideal location for a new residential community, and the timing of the sale proved to be a win-win for both parties.”  

The transaction is the first of three closings, with the next phases anticipated to finalize within 18 months.

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.