{"id":1004197307,"date":"2017-11-14T08:18:20","date_gmt":"2017-11-14T16:18:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004197307"},"modified":"2022-12-08T14:23:49","modified_gmt":"2022-12-08T22:23:49","slug":"mixed-use-center-sells-for-13m-in-chicago-suburbs","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mixed-use-center-sells-for-13m-in-chicago-suburbs\/","title":{"rendered":"Mixed-Use Center Sells for $13M in Chicago Suburbs"},"content":{"rendered":"<p>By Evelyn Jozsa<\/p>\n<div id=\"attachment_1004197308\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Metropolitan-Square.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004197308\" data-attachment-id=\"1004197308\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/mixed-use-center-sells-for-13m-in-chicago-suburbs\/metropolitan-square\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Metropolitan-Square.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Metropolitan Square\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Metropolitan Square, Des Plaines, Ill. &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Metropolitan-Square.jpg?w=800\" class=\"wp-image-1004197308 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Metropolitan-Square.jpg\" alt=\"Metropolitan Square, Des Plaines, Ill. \" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Metropolitan-Square.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Metropolitan-Square.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Metropolitan-Square.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004197308\" class=\"wp-caption-text\">Metropolitan Square, Des Plaines, Ill.<\/p><\/div>\n<p>Marcus &amp; Millichap has arranged the\u00a0 sale of Metropolitan Square, a 120,983-square-foot mixed-use grocery-anchored lifestyle center in Des Plaines, Ill. The asset traded for $13 million, or $108 per square foot. The company worked on behalf of the private seller and procured the buyer.<\/p>\n<p>Metropolitan Square is located in the heart of Des Plaines, at 518 Metropolitan Way, only one block away from the Des Plaines Metra station, and is surrounded by communities such as Kingston Pointe and River 595 Apartments. Completed in 2004, the building features 40,000 square feet of retail space, occupied by Shop &amp; Save Market, a freestanding Fifth Third Bank, a 10,500-square-foot, multi-tenant strip center and additional street-level retail in a contiguous condominium building and adjacent public parking garage.<\/p>\n<h2>Diverse tenant mix<\/h2>\n<p>Other tenants include Tap House Grill, Panera Bread, Potbelly, Giordano\u2019s, Forever Yogurt, LA Tan, Elite Training &amp; Fitness, Chiro One and Allstate Insurance. Additionally, the sale includes a three-story, 22,000-square-foot medical office building and 155 surface parking spots. The building offers approximately 39,000-square feet of vacant space and was 68 percent leased at the time of sale.\u00a0<\/p>\n<p><em>\u201cGrocery-anchored centers like Metropolitan Square have proven especially resilient in today\u2019s retail market and, as a result, generate strong interest among investors\u2014something we were able to capitalize on by procuring a competitive, multiple-offer situation,\u201d <\/em>said Austin Weisenbeck, senior vice president of investments in Marcus &amp; Millichap&#8217;s <a href=\"https:\/\/www.commercialsearch.com\/news\/marcus-millichap-expands-chicago-downtown-office\/\">Chicago Oak Brook office<\/a>, in prepared remarks. <em>\u201cThe combination of retail, restaurant and medical office space provides additional foot traffic that supports the overall performance of the center.\u201d<\/em><\/p>\n<p><em>Image courtesy of Marcus &amp; Millichap<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Marcus &amp; Millichap brokered the sale of Metropolitan Square, a grocery-anchored lifestyle center, in Des Plaines, Ill. The firm represented the seller and procured the buyer. <\/p>\n","protected":false},"author":871,"featured_media":1004197308,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21743,21783,13,21752,21742],"tags":[38330,34836],"class_list":["post-1004197307","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-deals","category-investment","category-midwest","category-mixed-use","category-latest","tag-austin-weisenbeck","tag-marcus-millichap"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mixed-Use Center Sells for $13M in Chicago Suburbs - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/mixed-use-center-sells-for-13m-in-chicago-suburbs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mixed-Use Center Sells for $13M in Chicago Suburbs\" \/>\n<meta property=\"og:description\" content=\"Marcus &amp; Millichap brokered the sale of Metropolitan Square, a grocery-anchored lifestyle center, in Des Plaines, Ill. The firm represented the seller and procured the buyer.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/mixed-use-center-sells-for-13m-in-chicago-suburbs\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-11-14T16:18:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T22:23:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Metropolitan-Square.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Evelyn Jozsa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mixed-use-center-sells-for-13m-in-chicago-suburbs\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/mixed-use-center-sells-for-13m-in-chicago-suburbs\/\",\"name\":\"Mixed-Use Center Sells for $13M in Chicago Suburbs - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mixed-use-center-sells-for-13m-in-chicago-suburbs\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mixed-use-center-sells-for-13m-in-chicago-suburbs\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Metropolitan-Square.jpg\",\"datePublished\":\"2017-11-14T16:18:20+00:00\",\"dateModified\":\"2022-12-08T22:23:49+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/7a1fad8f1e02fa4d8f81f7e9ad21736a\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mixed-use-center-sells-for-13m-in-chicago-suburbs\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/mixed-use-center-sells-for-13m-in-chicago-suburbs\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mixed-use-center-sells-for-13m-in-chicago-suburbs\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Metropolitan-Square.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Metropolitan-Square.jpg\",\"width\":800,\"height\":620,\"caption\":\"Metropolitan Square, Des Plaines, Ill.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mixed-use-center-sells-for-13m-in-chicago-suburbs\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Mixed-Use Center Sells for $13M in Chicago Suburbs\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/7a1fad8f1e02fa4d8f81f7e9ad21736a\",\"name\":\"Evelyn Jozsa\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Evelyn-Jozsa-1.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Evelyn-Jozsa-1.jpg?w=96\",\"caption\":\"Evelyn Jozsa\"},\"description\":\"Evelyn is a creative writer covering commercial real estate trends and insights in the U.S. Evelyn was previously a senior associate editor at Multi-Housing News and Commercial Property Executive. 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