Marcus & Millichap has completed the sale of Oakwood Plaza, a 16-suite retail property located in Alton, Illinois, for $9.3 million.
“Buyer interest in Oakwood Plaza was exceptionally strong, generating multiple competitive offers and driving a successful outcome for our client,” said Chris Garavaglia, managing director of investments. “This transaction underscores the continued demand for well-located, service-oriented retail centers in the Midwest, where fundamentals remain strong, and investor appetite remains high.”
Garavaglia and Alex Perez, investment specialists in Marcus & Millichap’s St. Louis office, in association with Steven Weinstock, Marcus & Millichap’s Illinois broker of record, had the exclusive listing to market the property on behalf of the seller, Commonwealth Commercial.
Oakwood Plaza, located at 1837 Homer M. Adams Parkway, is a 45,400-square-foot retail shopping center. Built in 2005, the property sits on 8.96 acres and features a mix of retail and restaurant tenants, including Panera, Spectrum, Dollar Tree and Great Clips. Nearby national retailers include Target, Home Depot and Lowe’s.
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