Net Lease N Illinois

Highland Park net-leased property sells for $4M

Highland Park net-leased property sells for $4M,ph1

Marcus & Millichap announced the sale of a 3,408-square-foot, net-leased property located at 2030 Skokie Valley Road, according to Steven D. Weinstock, regional manager of the firm’s Chicago Oak Brook office. After multiple offers, the property sold for $4,100,000 in an all-cash transaction to a local 1031 exchange buyer.

Austin Weisenbeck and Sean R. Sharko, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, exclusively marketed the property on behalf of the seller, a developer. The buyer, a limited liability company, was also secured and represented by Sharko and Weisenbeck.

The property’s tenant, Chase Bank, has 15 years remaining on its 20-year ground lease, with 10 percent rental increases every five years. Benefitting from visibility along route 41, the property shares easements with CVS and a Starbucks/Verizon-anchored center and is across the street from Target.