63,000-SF Retail Center Sheds for Nearly $16M

OAK PARK, IL-Eleven 20 Club, a 63,256-sf retail center, has been sold for $15.8 million, or about $250 per sf. The retail center at 1120 Lake St., here, was reportedly sold by 1120 Retail LLC. The buyer was reportedly an out-of-state family trust. The cap rate was 7.2%, sources say.

Evan Halkias and Michael Marks, both senior associates in the Chicago office of Marcus & Millichap, represented both the buyer and seller in the sales transaction, according to a release from Marcus & Millichap Real Estate Investment Services. “Eleven 20 club was an excellent opportunity for the investor to acquire a newly constructed retail center with prominent tenants in a high-density, heavily trafficked area in Chicago’s prominent suburb of Oak Park,” Halkias says in the statement. Representatives from Marcus & Millichap did not respond to requests to be interviewed on the sale.