Marcus & Millichap Sells Retail Strip In Orland Park For $2.05 Million By Buyer Represented By 1031 Exchange

The transaction involved the sale of a retail asset located at 11229 West 143rd Street, Orland Park, Illinois. This property comprises 15,886 square feet and was sold for $2,050,000, translating to a price per square foot of $129. The retail strip is anchored by Rocco Vino’s Italian Restaurant and presents significant lease-up potential, with 48% of the space currently vacant.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $2,050,000
• Square Footage: 15,886
• Address: 11229 West 143rd Street
• Market: Orland Park
• Price per Square Foot: $129
• Brokers: Austin Weisenbeck & Sean Sharko - Marcus & Millichap
• Buyer Type: Private out-of-state 1031 exchange buyer
• Vacancy Rate: 48%

Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller in this transaction, facilitating the sale to a private out-of-state buyer engaged in a 1031 exchange. The brokerage emphasizes significant lease-up potential for the partially vacant retail strip.