Marcus & Millichap announced the sale of AutoZone, a 6,600 square-foot net-leased property located in Muscle Shoals, AL, according to Steven D. Weinstock, Vice President/ Regional Manager of the firm’s Chicago Oak Brook office. The asset sold for $698,000.
Dominic Sulo and Matthew Wenger, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a private investor, was also secured and represented by Dominic Sulo and Matthew Wenger. Matt Fitzgerald, Broker, assisted in closing this transaction.
AutoZone at 604 East Avalon Avenue sold in 23 days at 100 percent of its original list price. AutoZone recently extended the lease for an additional ten years, with the term extending to October 31, 2025. Additionally, AutoZone has three five-year options to renew, with 10 percent rent increases in each option. The property benefits from its location along Avalon Avenue; just off the hard corner of Avalon and Woodward, with traffic counts in excess of 31,000 cars per day.
