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OAK PARK, IL-Eleven 20 Club, a 63,256-sf retail center, has been sold for $15.8 million, or about $250 per sf. The retail center at 1120 Lake St., here, was reportedly sold by 1120 Retail LLC. The buyer was reportedly an out-of-state family trust. The cap rate was 7.2%, sources say.

Evan Halkias and Michael Marks, both senior associates in the Chicago office of Marcus & Millichap, represented both the buyer and seller in the sales transaction, according to a release from Marcus & Millichap Real Estate Investment Services. “Eleven 20 club was an excellent opportunity for the investor to acquire a newly constructed retail center with prominent tenants in a high-density, heavily trafficked area in Chicago’s prominent suburb of Oak Park,” Halkias says in the statement. Representatives from Marcus & Millichap did not respond to requests to be interviewed on the sale.

The property was developed by RSC & Associates and completed last year. Retail tenants include Bar Louie and Lane Bryant on the first floor. Fitness Formula Gym occupies the second and third floors of the building. The retail tenants’ leases are triple-net with rent increases throughout the terms of their leases, according to the release. The building’s upper floors have 44 condominium units, which were not included in the sale. All of the units have been sold with sales prices ranging from $300,000 to $1 million.

The property is located on Lake Street, less than a block east of highly-trafficked Harlem Avenue. Other retailers in the area include Starbucks, Chipotle, Borders Books, Gap, Panera Bread Co. and Talbot’s. Across the street from Eleven 20 Club is the Colt Building, which the Village of Oak Park is trying to redevelop. The village owns property at 1121-1123 Lake St., 1145 Westgate St. and 1125-1139 Lake St. and a parking lot with approximately 100 spots, as previously reported by GlobeSt.com.

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