Net Lease N Illinois

Net-leased gas station in Prospect Heights sells for $2.8 million

Net-leased gas station in Prospect Heights sells for 2.8 million,ph1

Marcus & Millichap closed the sale of Thorton’s, a 4,400-square foot net-leased property located in Prospect Heights, Illinois. The asset, located at 1600 N. Rand Road, went from contract to close in 38 days and sold for $2,815,533.

Austin Weisenbeck, senior vice president investments, and Sean R. Sharko, senior vice president investments in Marcus & Millichap’s Chicago Oak Brook office represented the seller. The private 1031 exchange buyer was represented by Joseph Bono along with Weisenbeck and Sharko. The new construction property comes with a 20-year corporate lease with rare rental increases in the primary lease term.