MUNDELEIN, IL-A private investor has hired Newmark Knight Frank Epic to market a current retail center here, known as Oak Creek Plaza, for $15 million. The owner believes the property is worth more to medical office developers, says a Newmark official, as the 42 acres are just across the street from the Medline Industries world headquarters.
Medline, a large medical product manufacturer, is a strong employer in the local market. The retail center is less than 60% vacant. The anchor tenants include Hobby Lobby and Menards, according to Tom Boyle with Newmark. Boyle, Gerald Olson and Michael Noeh are marketing the property.
“We are pursuing evaluation of the highest and best use of the site,” Boyle tells GlobeSt.com. “Good ideas for this property include single-story ambulatory, office or even a multifamily component.” He says there’s already been interest, including from a seniors care facility. The goal is to sell the site within the next 12-24 months, he says. The site, at the corner of Illinois Route 60 and Route 45, is expandable to 54 acres.
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