By Roxana Baiceanu
Marcus & Millichap completed the sale of Ashland Wellington Plaza, a 19,979-square-foot retail center in Chicago’s Lakeview neighborhood, for $9.9 million. Senior Associate Adrian Mendoza and Vice Presidents Austin Weisenbeck and Sean Sharko represented both the seller—a private investor—and the buyer—a St. Louis-based investor—in the transaction. This is the buyer’s first acquisition in Chicago.
Infill Location with Abundant Parking
The property is located on a 2.5-acre lot at 2862-2928 N. Ashland Ave. and has a very large parking space for an infill location. There are more than 63,000 people within a one-mile radius, while the average household income exceeds $159,000.
The facility is shadow anchored by a Jewel Osco, but there are other long-term tenants such as Office Depot, H&R Block, Starbucks and Super Cuts. Some of them have been operating at this location for more than 10 years.
Image courtesy of Marcus & Millichap