MARCUS & MILLICHAP ARRANGES SALE OF RETAIL CENTER

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EAST DUNDEE, ILL. — Marcus & Millichap has arranged the sale of Spring Water Retail Center located on Penney Avenue in East Dundee. The 10,000-square-foot center is fully occupied by six tenants. The original developer of the center sold the property to an undisclosed buyer for approximately $1.67 million, with a cap rate of 7.32 percent. Although not a condition to close, financing was obtained by Bank Financial and a 75 percent LTV was issued on the property. Demetrie Livaditis in the Chicago office of Marcus & Millichap represented the seller in the transaction.

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