Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of Just Tires, a 6,000-square-foot net-leased auto service property located in Chicago, Illinois, according to Joe Powers, regional manager of the firm’s Chicago Downtown office. The asset sold for $4,200,000.
Nicholas Kanich, first vice president of investments in the Net Lease Group at Marcus & Millichap’s Chicago Downtown office, facilitated the off-market sale of this rare, single-tenant Chicago asset between the Chicago-based seller and Delaware-based buyer.
Just Tires is located at 4809 North Broadway Street in Chicago, Illinois. The Property sits in the heart of Uptown, a well-known neighborhood on Chicago’s Far North Side that is famous for its historic theaters, jazz clubs, ballrooms, and other entertainment venues. There are currently numerous large-scale multifamily developments being constructed near the Property, showing an increased demand for a growing population in the neighborhood.
“This Property’s prime Chicago retail location was a driving force in the buyer’s motivation to acquire this asset. Both the strong underlying zoning as well as the optionality with the tenant made this a unique opportunity for the buyer’s 1031 exchange needs,” said Kanich.
“The transaction closed quickly with no issues during escrow.”
