Marcus & Millichap brokered the sale of an Advance Auto Parts, a 7,000-square foot net-leased property located in Chicago, according to Steven D. Weinstock, regional manager and first vice president of the firm’s Chicago Oak Brook office. The asset sold for $1,800,000.
Austin Weisenbeck, senior vice president and Sean R. Sharko, senior vice president and 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 secured and represented by Fabio Sangiorgi and Rachna Gandhi, investment specialists in Marcus & Millichap’s Palo Alto office. Financing was obtained by David Campbell, senior vice president capital markets, Marcus & Millichap Capital Corporation.
The Advance Auto Parts is located at 6714 S. Western Avenue in Chicago. The property was sold to an out-of-state 1031 buyer and closed at 98 percent of the list price. Thetenant recently executed a 10-year lease extension with a corporate guarantee.