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Marcus & Millichap arranges sale of Des Plaines ground lease property

Marcus & Millichap arranges sale of Des Plaines ground lease property,ph1

Marcus & Millichap facilitated the sale of a 4,224-square-foot Fifth Third Bank ground lease located in Des Plaines, Illinois, according to Steven D. Weinstock, first vice president and regional manager of the firm’s Chicago Oak Brook office. The asset sold at 99 percent of list price for $1,943,065.

The property is located at 510 Metropolitan Way, situated 500 feet from the Des Plaines Metra stop and is surrounded by retail and multi-story residential communities. Austin Weisenbeck, senior vice president investments and Sean R. Sharko, senior vice president investments, in Marcus & Millichap’s Chicago Oak Brook office, exclusively marketed the property on behalf of the seller. The out-of-state, 1031-exchange buyer was represented by an outside broker.