Marcus & Millichap Acquires Retail Property In Machesney Park For $6.4M
1523 West Lane Road, Machesney Park
$6,400,000
$275/SF
Building Size
23,202 SF
Asset Type
Retail
Closing
Mar 18, 2021
About this deal
AI
The retail property located at 1523-1531 West Lane Road (aka IL-173) in Machesney Park was recently sold in a closed transaction. The sale took place on March 19, 2021. The property spans a total area of 23,202 square feet, and was sold for a price of $6,400,000, resulting in a price per square foot value of $276. The buyer of the property was represented by Austin Weisenbeck & Sean Sharko from Marcus & Millichap, while Prodigy Real Estate Group acted as the seller's representative.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $6,400,000
- Size: 23,202 square feet
- Price per Square Foot: $276
- Date: March 19, 2021
- Address: 1523-1531 West Lane Road (aka IL-173), Machesney Park
- Buyer's Representative: Austin Weisenbeck & Sean Sharko - Marcus & Millichap
- Seller's Representative: Prodigy Real Estate Group
Austin Weisenbeck & Sean Sharko from Marcus & Millichap represented the buyer in the transaction, while Prodigy Real Estate Group represented the seller. The deal closed on March 19, 2021, with a total price of $6,400,000 and a price per square foot of $276. This sale represents a significant transaction in the Machesney Park retail market.
Players
Machesney Park Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.48%
Cash-on-Cash
-0.71%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93