Business

Buffalo Grove retail center sells for $4 million

Posted May 06, 2019 11:00 pm

BUFFALO GROVE — Marcus & Millichap recently brokered the sale of Creekside Commons, a 23,058-square-foot, multi-tenant retail property located in Buffalo Grove, for $4.085 million. according to David G. Bradley, regional manager of the firm's Chicago downtown office.

Creekside Commons, 1101 Weiland Road, is immediately northeast of Weiland Road and Deerfield Parkway. The location has been successful for the property's core tenants, with the majority of them having operated there for over 20 years. It was marketed as a value-add opportunity for the new owner, who plans to realize significant upside by leasing the three vacant spaces, which collectively total about 3,000 square feet.

Mitchell Kiven, a senior associate in Marcus & Millichap's Chicago downtown office, had the exclusive listing to market the property on behalf of the seller, a partnership of real estate investors based in Libertyville. The buyer, Wilmette-based Shiner Buffalo Creek LLC, is a retail developer and investor, and was also sourced by Kiven.

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