Net Lease N Illinois

Marcus & Millichap facilitates sale of Galesburg retail property

Marcus & Millichap facilitates sale of Galesburg retail property,ph1

Marcus & Millichap announced the sale of a 5,000-square-foot, net-leased Sherwin-Williams property located in Galesburg, Illinois, according to Steven D. Weinstock, regional manager of the firm’s Chicago Oak Brook office. The asset went from list to closed in 25 days and sold for 96 percent of list price for $505,000.

Located at 2246 Promenade Court in Galesburg, the property is situated on the ring of Sandburg Mall in close proximity to Target, Lowe’s and other national retailers and services. Occupied by Sherwin Williams since 1992, this location has a strong historical occupancy with five years remaining on the lease plus two additional five-year options with 10 percent rent increases. Tami Andrew and Tammy A. Saia, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, exclusively marketed the property on behalf of the seller, a private investor.