500 North Wells, LLC Acquires Retail Property In Palatine, IL From Village Square Partners For $1.5M

The retail property located at 32-60 W Palatine Rd in Palatine, IL has been sold. The property spans a total area of 21,819 square feet and sits on a 43,253 square foot lot. The transaction took place on 05/28/2021, with a sale price of $1,500,000. The property was listed with an asking price of $1,850,000, resulting in a price per square foot of $69. This property offers a unique opportunity for investors, as it is anchored by a national tenant and occupies nearly one acre of land in the heart of downtown Palatine. It is surrounded by local shops, restaurants, bars, condo developments, entertainment venues, and the Metra station. Furthermore, there is potential for redevelopment.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $1,500,000
• Address: 32-60 W Palatine Rd, Palatine, IL
• Market: Palatine, IL
• Square Footage: 21,819
• Lot Size: 43,253

The buyer of the property is 500 North Wells, LLC, while the seller is Village Square Partners represented by John Mantas and Skoubis & Mantas LLC. Melissa Ryzy from Conlon Commercial acted as the buyer's representative, and the seller was represented by Vickie C. Soupos from Colovos | Soupos Group, part of RE/MAX Destiny.

The COLOVOS | SOUPOS Group of RE/MAX Destiny was pleased to represent the seller in this transaction. This deal presented an excellent opportunity for investors to acquire a national tenant-anchored property, located on nearly one acre of land in downtown Palatine. Its strategic location in close proximity to various amenities and the Metra station further adds to its appeal. There is also the potential for redevelopment in the future.