Marcus & Millichap has brokered the $5.2 million absolute net sale-leaseback of a 56,261-square-foot industrial property at 7760 N. Merrimac Ave., in Niles. Located approximately 10 minutes from O’Hare International Airport, the property brought in 17 offers in the first 48 hours on the market and sold for above asking price.
Marcus & Millichap’s Vice President Investments Peter Doughty and Associate Dylan Hyde represented the property’s longtime owner, Quality Elevator Products, Inc., which will remain as the building’s sole occupier on a long-term lease, with multiple renewal options as part of the sale-leaseback structure. The Marcus & Millichap team also procured the buyer, Faropoint, a U.S. real estate investment firm focused on industrial properties.
Constructed in 1975, the facility contains approximately 95% warehouse build-out, 18-foot clear height ceilings, eight internal docks and one drive-in door. Quality Elevator Products, which had owned the building since 2004, specializes in manufacturing and distribution of elevator and escalator parts and accessories, and currently carries over 3,000 products.