Marcus & Millichap Real Estate Investment Services has completed the sale of State Farm Anchored Center, a 5,994-square-foot retail property located in Batavia. The asset sold for $1.3 million.
Austin Weisenbeck, Adrian Mendoza and Sean Sharko, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a local developer. The buyer, a partnership, was also secured and represented by Mendoza, Weisenbeck and Sharko.
The State Farm Anchored Center at 1906-1928 W. Wilson St. is 100 percent occupied by three stable tenants, all of whom operate under net-leases reimbursing for their pro-rata share of operating expenses. All of the tenants have long-term leases in place, which were recently negotiated at market rental rates. Additionally, each tenant also has annual rental increases in their base lease term, providing an investor with a strong cash flow. Hanson Family Chiropractic and Elliff Dental occupy 74 percent of the center while the remainder of the space is leased to State Farm.
