Marcus & Millichap has completed the sale of a net-leased Jewel-Osco property in La Grange Park, Illinois, for $9.05 million.
“This asset generated significant interest, with nine written offers and one of the lowest cap rates achieved for a full-service grocer in the Midwest in recent years,” said Adrian Mendoza, first vice president investments. “The long-term lease extension, exceptional operating history, and strong underlying real estate fundamentals made this an ideal fit for a 1031 exchange investor.”
Mendoza, Sean Sharko and Austin Weisenbeck, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a life insurance company.
The 46,637-square-foot building is located at 507 E. Woodlawn Ave., less than a mile from downtown La Grange and the La Grange Road Metra Station. Jewel-Osco has operated at the site since it was built in 1964 and recently signed a 20-year lease extension through May 2044.
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