Marcus & Millichap announced the sale of AutoZone Ground Lease (Chicago MSA), a 5,400-square foot net-leased property located in Northlake, IL, according to Steven D. Weinstock, Vice President/ Regional Manager of the firm’s Chicago Oak Brook office. The asset sold for $800,000 which translates to a cap rate of 5.75%. AutoZone had 11 years remaining on an original 20 year ground lease. There were no rent increases throughout the base lease term.
Adrian J. Mendoza, Sean R. Sharko and Austin Weisenbeck, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a California based family trust, was also secured and represented by Adrian J. Mendoza, Sean R. Sharko and Austin Weisenbeck .
AutoZone Ground Lease (Chicago MSA) is located at 151 East North Avenue in Northlake, IL and sold in 23 days at 96 percent of its original list price. Northlake is 14 miles west of downtown Chicago and eight miles south of O’Hare International Airport. There are over 143,000 people within a three-mile radius of the subject property.
