Marcus & Millichap announced the sale of Advance Auto Parts Center | Service-Based Tenants, a 10,500-square-foot retail property located in Elgin, Illinois. The asset sold for $2,125,000 with no re-trades on price and terms.
Adrian Mendoza, first vice president, along with Austin Weisenbeck and Sean R. Sharko, senior managing directors, all investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The team procured seven offers from in-state and out-of-state investors. The buyer, an East-coast based LLC/personal trust with a 1031-exchange, was secured by Mendoza, Sharko, and Weisenbeck.
Advance Auto Parts anchored center is located at 1881 Larkin Ave. in Elgin, Illinois. The service-based tenant center is 100% occupied with a stable tenant roaster. Advance Auto Parts makes up 65% of the income. The area is anticipated to have a 2.46% population increase in the next five years; the population within five miles is currently 168,008 residents.
