Marcus & Millichap Real Estate Investment Services has completed the sale of an AutoZone, a 7,381-square-foot net-leased property located in Yorkville. The asset sold for $1.9 million.
Sean 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 local developer. The institutional buyer was also secured and represented by Sharko and Weisenbeck.
AutoZone at 958 N. Bridge St. sold in 57 days at 97 percent of its original list price. AutoZone signed a 20-year double-net lease, responsible for taxes, insurance and common area maintenance. In addition, AutoZone’s lease calls for four, five-year options to renew and includes 15 percent rent increases in option periods.
