Marcus & Millichap brokered the sale of a 13,000-square-foot, net-leased CVS Pharmacy in Aurora, Illinois, according to Steven D. Weinstock, regional manager and first vice president of the firm’s Chicago Oak Brook office. The asset sold for $2,477,000.
Austin Weisenbeck and Sean R. Sharko, senior vice presidents and Matt Emerick, associate, and investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a limited liability company, was secured and represented by Craig Fuller, Erin E. Patton and Scott Wiles, senior managing directors and investment specialists in Marcus & Millichap’s Cleveland and Columbus offices.
The CVS Pharmacy is located at 1910 Montgomery Road and closed as a full-price and all-cash transaction. The tenant has a corporate guarantee with a fee simple ground lease and 11 years remaining on the 25-year term with no rent holiday. The property is ideally situated on a signalized, hard corner intersection adjacent to a senior living community and a 142-bed hospital.