Hines Sells Oak Brook Retail Building For $9.1M With Buyer's Rep Nicholas Kanich & Seller's Rep Laura Hines-Pierce

Hines has sold a Chicago-area retail building near Oakbrook Center, located at 1204 22nd Street, to an unidentified investor for $9.1 million. The property, totaling 12,000 square feet, is situated in the Oak Brook market. With a price per square foot of $758, the sale was executed at a price below the initial asking amount of $10.4 million.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $9,100,000
• Address: 1204 22nd Street
• Market: Oak Brook
• Square Footage: 12,000
• Price per Square Foot: $758

The seller, Laura Hines-Pierce of Hines, facilitated the transaction. Representing the seller was Nicholas Kanich of Marcus & Millichap. While the buyer remains unidentified, it is worth mentioning that Fogo de Chão, a restaurant chain, currently occupies the retail building. Fogo de Chão has signed a 20-year lease and has plans to expand with a new location in Schaumburg.