Marcus & Millichap closed the sale of a Taco Bell ground lease, a 2,094-square foot net-leased property located in Elk Grove Village, Illinois, according to Steven D. Weinstock, regional manager and first vice president of the firm’s Chicago Oak Brook office. The asset sold for $1,218,000.
Austin Weisenbeck and Sean R. Sharko, senior vice presidents 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 limited liability company. The buyer, a private investor, was secured and represented by Calvin Y. Lee, first vice president and investment specialist in Marcus & Millichap’s Los Angeles office.
The Taco Bell is located at 1400 Busse Road, situated within Elk Grove Village’s major industrial/commercial business park in a dense employment area. The ground lease has 18 years remaining with no landlord responsibilities. The property went from contract to close in 22 days.