Marcus & Millichap brokered the $6.2 million sale of 1400 West Normantown Road, a 25,000-square-foot net-leased property located in Romeoville, Illinois, near Chicago. The property is occupied by Rasmussen University, which was acquired by American Public Education in 2021.
Peter Doughty, vice president investments in Marcus & Millichap’s Chicago Downtown office, and Brent Holder, associate, exclusively marketed the property on behalf of the seller, a California-based private investor that had purchased the asset through a 1031 exchange and was selling to reallocate its equity into different property sectors. Doughty and Holder, who procured 13 competitive offers from both local and out-of-state buyers, also represented the winning bidder, a New York-based private investor.
Demonstrating the advantages and capabilities of the Marcus & Millichap platform, Dean Giannakopoulos, senior managing director of Marcus & Millichap Capital Corporation, and Matt Smego, production manager, sourced the financing for the buyer despite the shorter lease term and shifting interest rate environment.
Constructed in 2009 as a build-to-suit for Rasmussen University, 1400 West Normantown is located approximately 30 miles southwest of Downtown Chicago, along Interstate 55.