Marcus & Millichap Real Estate Investment Services has completed the sale of West Dundee Shops, an 8,544-square-foot retail property located in West Dundee. The asset sold for $2.9 million.
Austin Weisenbeck, Adrian Mendoza and Sean Sharko, 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 also secured and represented by Mendoza, Sharko and Weisenbeck.
The West Dundee Shops at 210 – 230 N. 8th St. sold in 34 days at 98 percent of its original list price. The property is 100 percent leased to three national tenants, which are: FedEx, Sprint and Jimmy John’s. FedEx and Sprint are both corporate stores, while Jimmy John’s is a franchisee.
FedEx has occupied their space for 15 years, while Sprint and Jimmy John’s have occupied their spaces for 10 years. All tenants are operating under triple-net leases, reimbursing for their pro-rata share of operating expenses, including an administrative/management fee. Each tenant has regularly scheduled rental increases in their base term and option periods.
