Marcus & Millichap facilitated the sale of a new construction, 7,749-square foot retail property located in Lockport, Illinois, according to Steven D. Weinstock, regional manager of the firm’s Chicago Oak Brook office. The asset sold at 99 percent of list price to an out-of-state, 1031 buyer for $4,225,000.
Austin Weisenbeck, senior vice president investments, Barry M. Wolfe, senior managing director investments, Glen D. Kunofsky, executive managing director investments, and Sean R. Sharko, senior vice president investments, in Marcus & Millichap’s Chicago Oak Brook, Ft. Lauderdale and Manhattan offices, exclusively marketed the property on behalf of the seller.
The property is located at 16473-16477 West 159th Street on a booming retail thoroughfare. Aspen Dental signed a new 10-year lease while Panera Bread signed a new 15-year lease.
