Business

Oak Brook company sells Starbucks-anchored center

Posted January 19, 2018 12:00 am

Daily Herald Report

Marcus & Millichap, a commercial real estate investment services firm with offices in Oak Brook, announced the sale of Starbucks Anchored New Development, a multi-tenant retail property located in Hammond, Indiana.

The property sold for $2,560,000, according to Steven D. Weinstock, regional manager of the firm's Chicago Oak Brook office.

Sean R. Sharko and Austin Weisenbeck, investment specialists in Marcus & Millichap's Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Josh Caruana, Regional Manager, Broker, assisted in closing this transaction.

Starbucks Anchored New Development was constructed in 2016. The center is fully occupied with three nationally branded tenants, Starbucks, Sport Clips and JJ Fish & Chips. All three tenants are operating under net leases that do not expire until 2026. Two tenants have the ability to renew for a total of 10 years, with the center's anchor, Starbucks, having the options that would extend the lease through 2046.

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