M&M Arranges Sale, Financing on Gurnee Retail,Greater Chicagoland
Marcus & Millichap finalized the sale of a 15,577-square-foot retail center in Gurnee, IL. The 100% occupied property sold to an unidentified out-of-state buyer for $10,675,000.
Austin Weisenbeck and Sean R. Sharko, both of Marcus & Millichap’s Chicago Oak Brook office, exclusively marketed the property on behalf of the seller. Robert Bhat with Marcus & Millichap’s Capital Corporation arranged the $6.9-million acquisition loan to the buyer.
“The property is located on an out-lot parcel to Gurnee Mills Mall, which is well-located on the hard corner intersection of Grand Avenue and Hund Club Road, and has over 1.9 million square feet of retail,” said Bhat. “The borrower was able to lock-in a 65% loan-to-value loan at 4.64% with 10 years interest only.”
The property is located at 6440 Grand Ave. Tenants include Panera Bread, which relocated to this site with a 15-year firm term, Mission BBQ and Comcast.
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