Net Lease N Illinois

Net-leased CVS sells for $3.2 million in Chicago

Net-leased CVS sells for 3.2 million in Chicago,ph1

Marcus & Millichap announced the sale of a 22,007-square-foot net-leased property located in Chicago, according to David G. Bradley, regional manager of the firm’s Chicago Downtown office. The asset sold in an all-cash transaction within 95 percent of list price for $3,250,000.

Brian Parmacek, first vice president investments, and Victor Cornelio, an associate, in Marcus & Millichap’s Chicago downtown office, exclusively marketed the property on behalf of the out-of-state seller and also represented the local buyer.

The property is located at 2634 S. Pulaski Road along Little Village’s 26th street, the second highest revenue-driven retail corridor in Chicago. The local buyer acquired the property due to the infill-dense location and intrinsic value of the real estate. At the time of sale, there were over 13 years remaining on the absolute net-lease with CVS Pharmacy. The property benefits from three points of ingress/egress, 62 on-site parking stalls and nearly an entire city block of frontage along Pulaski Road.