WW LLC Acquires Retail Property In Melrose Park, IL From Sotiria Zimianitis

A strip center anchored by J.J. Peppers located at 10400 W. Fullerton Ave in Melrose Park, IL, has been sold in a recent transaction. The retail property, spanning 8,000 square feet, was purchased by WW LLC for a sale price of $1,150,000, which equates to $144 per square foot. The property is situated on busy Mannheim Ave, providing high visibility and accessibility for potential tenants and customers.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $1,150,000
• Address: 10400 W. Fullerton Ave, Melrose Park, IL
• Market: Melrose Park, IL

The buyer, WW LLC, acquired the property from Sotiria Zimianitis. Abol Jahanban of Realty Executives Advance represented the buyer, while the seller was represented by Vickie C. Soupos of COLOVOS |SOUPOS Group at RE/MAX Destiny and John Mantas. The transaction was completed in less than 23 days after contact acceptance, thanks to the efficient collaboration between the buyer's and seller's representatives.

During the sales process, the property garnered significant interest, with a total of 8 offers received. Among these offers, 5 were all-cash bids, and 3 exceeded the initial asking price. The final sale price of $1,150,000 represented a nearly 10% premium over the listing price. The property was sold in "as-is" condition, and the transaction closed at a 7.46% cap rate.

Overall, the successful sale of this strip center demonstrates the strong demand for commercial properties in the Melrose Park area. The prompt and professional assistance provided by the seller's attorney, John Mantas of Mantas Law, and the seller's broker, A.J. Jahanban of Realty Executives Advance, contributed to a smooth and efficient transaction process.