Business

Hanover Park shopping center sells for $4.4 million

Posted December 04, 2018 12:00 am

HANOVER PARK - Marcus & Millichap said it has sold Sandpiper Plaza, a 35,986-square-foot shopping plaza in Hanover Park, according to Steven D. Weinstock, regional manager of the firm's Chicago Oak Brook office.

After multiple offers, the property went from contract to close in 51 days and sold for $4.4 million.

Located at 1916-2030 Army Trail Road, the recently renovated center is anchored by Walgreens, who has occupied the space since 1994.

"We received significant interest in this deal because of the property's long-operating history and location in a strong retail corridor. It was a value-add opportunity with below market, replaceable rents and favorable DuPage County taxes," says Austin Weisenbeck, a senior vice president investments in Marcus & Millichap's Chicago Oak Brook office.

Austin Weisenbeck and Sean Sharko, senior vice president investments in Marcus & Millichap's Chicago Oak Brook office, exclusively marketed the property on behalf of the seller. The Chicagoland-buyer was secured and represented by Weisenbeck, Sharko, and Adrian Mendoza, first vice president investments.

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