Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Lakeview Plaza, a 52,400-square-foot retail strip property located in Lake Zurich, Illinois. The property sold for $7.7 million. 

“The sale of Lakeview Plaza displays our team’s deep expertise and creativity in navigating the most challenging multi-tenant retail transactions,” said Adrian Mendoza, first vice president investments. “This deal featured numerous hurdles, including negotiating several tenant lease extensions, managing ongoing new tenant buildouts and working through existing tenant delinquencies.” 

Mendoza, Sean Sharko and Austin Weisenbeck, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, marketed the property on behalf of the seller, a private investment group, and procured the buyer, family office specializing in owning and operating shopping centers.  

Lakeview Plaza is located directly across from Lake Zurich at 41 S. Rand Road, receiving visibility from more than 36,900 vehicles per day. The 5.69-acre property hosts a diverse tenant mix, including international restaurants, health and fitness, and automotive services. Built in 1987, it is close to major retailers such as Holiday Inn Express, Dairy Queen, Trader Joe’s and Target.