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GLENVIEW, IL-Lake Forest-based Oak Meadow LLC has paid $16.6 million, or a 7.7% capitalization rate, for the Carillon Square shopping center. The 80,086-sf retail asset in the 2200 block of Willow Road near the 470,000-sf mixed-use Glen Town Center project, where 90% of the retail space in the redevelopment of Glenview Naval Air Station was leased before its grand opening.

Meanwhile, occupancy at the 21-year-old Carillon Square has hovered above 97% in recent years, with Dominick’s, Target, Office Max and Michael’s leading the tenant roster.

Marcus & Millichap Real Estate Investment Brokerage Co. investment specialists Bruce Harris and James Walsh represented the sellers, which according to property records was Chicago-based investment group St.Andrew’s Properties. Marcus & Millichap’s Kiser Group represented Oak Meadow, LLC.

In an unrelated transaction, a Walgreen’s-occupied property at 3301 Glenview Rd. was recently refinanced for $2.3 million. With a 70% loan-to-value, the 17-year deal is based on a $3.3-million value on the 14,000-sf asset.

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