CHICAGO-NRC Realty & Capital Advisors LLC, based here, has been retained in the sale of nine retail properties currently in foreclosure in California, Delaware and Pennsylvania. The facilities total almost 20,000 square feet, and include gas stations and convenience stores.
Evan Gladstone, managing director of NRC, tells GlobeSt.com that a national lender hired his company to auction the sites. The bid deadline is Sept. 30. “The number of commercial properties being surrendered to lenders is definitely increasing,” Gladstone says.
GRAYSLAKE, IL-Marcus & Millichap Real Estate Investment Services has arranged the sale of Swanson Corners Retail Center, a 100% occupied retail center here. According to Gregory A. LaBerge, regional manager of the firm’s Chicago office, the asset sold for $1.2 million, which represents a cap rate on current net operating income of 8.34%. Demetrie Livaditis, an associate in the firm’s Chicago office, represented the seller, the center’s developer. Built in 1995 at 1276 North Illinois Route 83, the property is a 5,500-square-foot retail center that is currently leased to three tenants: 7-Eleven, Papa John’s Pizza and Village II Cleaners.
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