Urbana, Ill. — Marcus & Millichap has brokered the $3.4 million sale of Gateway Shoppes at Five Points, a 12-suite retail property located in Urbana. Built in 2011, the center comprises two multi-tenant strip centers totaling roughly 30,000 square feet. The property was 95 percent leased at the time of sale.
Jeremie Johnson and Nathan Whalen of Marcus & Millichap represented the seller, Prairie Holdings Newton LLC, in the transaction. David O’Keefe, Steve Bogoyevac and Johnathan Weir of Marcus & Millichap procured the buyer, Nikolas Chugay. Michael Derk of Marcus & Millichap Capital Corp. secured a $2.7 million acquisition loan on behalf of the buyer. The 10-year loan features a 6.74 percent interest rate with a 30-year amortization period and 80 percent loan-to-value ratio. Steven Weinstock is Marcus & Millichap’s broker of record in Illinois.