Marcus & Millichap Inc.
11/07/2024 | Press release | Distributed by Public on 11/08/2024 17:30
Marcus & Millichap Arranges Sale of Prime Chicagoland 7-Eleven Retail Center
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Marcus & Millichap Arranges Sale of Prime Chicagoland 7-Eleven Retail Center
November 07, 2024
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NORTHBROOK, Ill., Nov. 7, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 7-Eleven Retail Center located in Northbrook, Illinois. The property sold for $1,787,500.
"Retail centers on the North Shore don't trade often, and this sale highlights the strong demand for prime real estate in Chicagoland," said Mitchell Kiven, first vice president investments. "We procured multiple offers and closed at 99% of the asking price, achieving an impressive cap rate in today's market. Having sold this property once before in 2018, we're pleased to help our client realize a significant profit just six years later. This deal underscores Marcus & Millichap's ability to create a competitive market through exclusive representation to help our clients grow and preserve their wealth."
Kiven and Brian Parmacek, investment specialists in Marcus & Millichap's Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, a Northbrook-based real estate investor, and procured the buyer, a local investor with a growing portfolio of similar retail properties.
The 6,275-square-foot retail center at 1512 Shermer Road is located near the Northbrook train station and downtown Northbrook. Built in the late 1970's, the property has had no vacancies for 15 years, with 7-Eleven as its long-term anchor tenant.
"Retail centers on the North Shore don't trade often, and this sale highlights the strong demand for prime real estate in Chicagoland," said Mitchell Kiven, first vice president investments. "We procured multiple offers and closed at 99% of the asking price, achieving an impressive cap rate in today's market. Having sold this property once before in 2018, we're pleased to help our client realize a significant profit just six years later. This deal underscores Marcus & Millichap's ability to create a competitive market through exclusive representation to help our clients grow and preserve their wealth."
Kiven and Brian Parmacek, investment specialists in Marcus & Millichap's Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, a Northbrook-based real estate investor, and procured the buyer, a local investor with a growing portfolio of similar retail properties.
The 6,275-square-foot retail center at 1512 Shermer Road is located near the Northbrook train station and downtown Northbrook. Built in the late 1970's, the property has had no vacancies for 15 years, with 7-Eleven as its long-term anchor tenant.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.