Marcus & Millichap Real Estate Investment Services has completed the sale of Trader Joe’s Out Parcel Center, a 2,995-square-foot retail property located in Lake Zurich. The asset sold for $1 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 private investor. The purchaser was a private individual in a 1031 trade from California.
Trader Joe’s Out Parcel Center at 797-799 W. Main St. sold at 94 percent of its original list price. Sitting just off the corner of Route 22/Main Street and Route 12/Rand Road, the property sits in front of the Village Square Shopping Center, anchored by TJ Maxx, Office Max, Petco, MC Sports and Trader Joe’s.
There are two tenants occupying the center: FedEx and GameStop. Both are corporate stores with five-year leases, which commenced in 2008. FedEx recently signed a five-year extension, while GameStop signed a two-year. The tenants are both operating under net leases and are therefore responsible for their pro-rata share of taxes, insurance and common area maintenance.
