Mount Prospect, Ill. — Marcus & Millichap has negotiated the nearly $2.9 million sale of 1776 Algonquin Road, a 22,910-square-foot retail strip center located in Mount Prospect, about 20 miles southeast of Chicago. Mitchell Kiven, Coult Greenwell, Eric Abbott and Zachary Taylor of Marcus & Millichap marketed the property on behalf of the seller, a large property owner with a national retail portfolio, and procured the buyer, a local investor who operates a chain of grocery stores. The buyer additionally plans to renovate the property and lease the second-floor space.
Built in 1964 on roughly 1.2 acres, the center was 74.4 percent occupied at the time of sale, according to Loop Net. Tenants at the property include Avid Dental, Magnum Insurance, Bravo Baking Co., Mi Mexico Grocery Store, Sandra’s Beauty Salon and Wingstop.