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Marcus & Millichap has completed the sale of a 22,910-square-foot retail strip center located at 1776 Algonquin Road in Mount Prospect, Illinois. The property was sold for $2.975 million.
“We generated multiple offers for this property, reflecting the significant demand we’re seeing for older neighborhood retail centers, especially those with a clear value-add component,” said Mitchell Kiven, Managing Director of Investments at Marcus & Millichap.
The property was marketed exclusively by Kiven, Coult Greenwell, Eric Abbott, and Zachary Taylor—investment specialists from Marcus & Millichap’s Chicago Downtown and Atlanta offices. The team represented the seller, a large national owner of retail properties, and secured a local investor as the buyer. The buyer currently operates a chain of grocery stores.
Originally built in 1964, the center occupies 1.81 acres and is strategically located between three signalized intersections. It consists of 13 suites, housing a mix of retail and service tenants. The new owner plans to upgrade the property’s condition and lease the currently vacant second-floor space.
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