Marcus & Millichap negotiated the sale of Advance Auto Parts, a 7,000-square-foot, net-leased property in Merrillville, Indiana. The property sold for more than $1.143 million and a cap rate of 8.09 percent.
Tammy Saia, first vice president, and Tami Andrew, associate, in Marcus & Millichap’s Chicago Oak Brook office had the exclusive listing to market the property on behalf of the seller, a private investor. Josh Caruana assisted in closing this transaction as the broker of record in Indiana.
Advance Auto Parts is located at 5790 Broadway in Merrillville. The property, built-to-suit for Advance Auto Parts in 2004, signed a 20-year lease.
There is currently 4.6 years remaining on the original term. The seller is divesting his real estate portfolio in preparation for a move and retirement. The buyer paid all cash and was adding to his portfolio. The asset sold at 94 percent of listing price.