Daniel Hyman Brokers Purchase of Premium Grocery Store in Downers Grove
Millennium Properties R/E, a premier boutique brokerage and property management company, announced that it has brokered the purchase of a former Ultra Foods site in Downers Grove for $2.65 million. Daniel J. Hyman, chairman and CEO of Millennium Properties, represented the buyer in the all-cash deal in bankruptcy court.
Millennium Properties secured a stalking horse buyer to purchase the property through a bankruptcy court-ordered auction. The 78,850 square foot building, located at 1212 75th Street in Downers Grove, sits on a 9.69 acre lot in a heavily populated retail district. The site enjoys close proximity to retailers such as Marshalls, Best Buy, Walmart and The Home Depot.
“Retail properties in strong corridors continue to see solid demand from users and investors, even vacant big box retail spaces,” said Daniel Hyman. “At the end of the day, we had the right buyer and were able to move quickly to buy this property.”
Drake D. Mertes of Dowd, Dowd & Mertes, Ltd. served as legal counsel for the buyer and Robert Glantz of Fox Rothschild, LLP represented the seller.
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