MB Real Estate Represents Purchaser in 25,000 Square Foot Retail Purchase in the Northwest Surburbs of Chicago
Chicago | February 08, 2016
CHICAGO – Monday, February 8, 2016 – MB Real Estate (MBRE) is pleased to announce that the firm’s David Kimball, vice president and Jay Beadle, senior vice president represented the purchaser, a private family, in the $6.85 million purchase of Strawberry Hill Plaza, in Elk Grove Village, Illinois as part of a 1031 exchange.
Strawberry Hill Plaza, a 24,910 square foot retail center, is located at 601-633 Meacham Road in the northwest suburb of Elk Grove Village near the intersection of Meacham and Biesterfield Roads and is traversed by more than 34,300 vehicles a day. 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, McDonalds and Taco Bell both occupy outparcels on long-term ground leases.
“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 of MB Real Estate. “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.”
The Strawberry Hill retail property is located less than a mile south of Illinois Route 390 (previously known as the Elgin-O’Hare Expressway), which offers direct access to Illinois Route 53, as well as Interstate 290. Neighboring retailers include ALDI, Home Depot, PNC Bank and Staples. 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.
About MB Real Estate Services Inc.
Founded in 1982, MB Real Estate is a full-service real estate organization that provides multifaceted expertise in Asset/Facilities Management; Leasing Services; Project/Construction Management; Tenant Representation; and Investment Services. Headquartered in Chicago, with regional offices in New York, Atlanta and Denver, MB Real Estate provides these services to corporations, institutions, professional organizations, private investors, and non-profit agencies. For more information, please visit www.mbres.com.