Marcus & Millichap closed the sale of a 7,100-square-foot retail property, featuring a dispensary and Tropical Smoothie Café, located in Waukegan, Illinois. The asset sold for $2.75 million.
Senior Managing Director Austin Weisenbeck and Sean Sharko, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
The retail property is located at 992 S. Waukegan Road, and it is an outlot to a high-end casino and hotel under construction that is set to open in 2025. Both tenants have attractive lease terms with 10 percent rental increases every five years. The center is situated near other major retailers and hotels, including a Walmart Supercenter.