MB brokers sale of Elk Grove retail center

ELK GROVE VILLAGE - MB Real Estate recently represented a private family in the $6.85 million purchase of Strawberry Hill Plaza in Elk Grove Village.

Strawberry Hill Plaza, a 24,910 square foot retail center, is located at 601-633 Meacham Road, near the intersection of Meacham and Biesterfield roads. The single-story, multi-tenant center was built in 1986 and sits on a 3.1 acre site with parking for 172 vehicles. Occupants of Strawberry Hill Plaza include a Subway, The Great American Bagel and Merlin Muffler, among others. Additionally, McDonald's and Taco Bell both occupy out-parcels on long-term ground leases.

David Kimball, vice president and Jay Beadle, senior vice president of Chicago-based MB Real Estate, represented the buyer. The seller of Strawberry Hill Plaza has owned the property since originally developing it in 1986 and was represented by Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap.

"Our client was seeking a 'safe-haven' investment and was attracted by the long-term cash flow, location, and quality construction of the Strawberry Hill property," said Kimball. "Given the stability of the tenants at this historically successful retail property, our client will achieve a strong return on their investment for years to come. We are pleased to have assisted them in this purchase."