Marcus & Millichap announced the sale of a 998-square-foot, net-leased property located in Palatine, Illinois. After receiving multiple offers, the asset sold for $1,430,000, 96 percent of the list price.
Sean R. Sharko, Austin Weisenbeck and Brewster Hague, 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 all cash, out-of-state 1031 buyer was also secured and represented by Sharko and Steven D. Weinstock, regional manager of the firm’s Chicago Oak Brook office.
Located at 325 E. Lake Cook Road, the property is just off the high-traffic intersection of Lake Cook and Rand roads. Offering high visibility and accessibility, the property is leased to Starbucks and includes a drive-thru and outdoor seating area.