McLean Square strip center sells for $2.7 million

ELGIN - The McLean Square retail strip shopping center at 943-955 N. McLean Blvd. in Elgin has been sold for $2.75 million, according to a commercial real estate firm.

The 23,405-square-foot shopping center sits on on 2½ acres and is anchored by Dollar Tree. The buyer was not identified.

David Coupe of SVN | Chicago Commercial said he partnered with Lee Kotler of Konnect Real Estate, who assisted with the asset management and repositioning of the shopping center out of recievership. Together the parties implemented an aggressive leasing campaign to both retain and secure tenancies, prompting two anchor tenants to extend to 10-year leases, Coupe said.

"We started with comprehensive property management to address deferred maintenance and an inconsistent rent roll and then an aggressive lease program that brought us to full occupancy - twice - because of the pandemic," Coupe said.

Chicago-based SVN is a full-service commercial real estate advisory complete with an in-house Property Management company.