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Marcus & Millichap Announces the Sale of Thorntons, a 4,400-Square-Foot Net-Leased Property in Illinois

September 14, 2023

RIVERWOODS, Illinois, September 14, 2023 – 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 4,400-square-foot new construction fuel station & C-Store in which Thorntons recently signed a 20-year absolute net ground lease. The Property is located in Riverwoods, Illinois, and sold for $2,550,000.

Nicholas Kanich, a first vice president of investments and Director of the Net Lease Properties Group in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, a national real estate developer and repeat client.

Thorntons is located at 1055 N Milwaukee Avenue in Riverwoods, Illinois, a Chicagoland suburb only 30 miles north of downtown Chicago. The property benefits from high visibility at the lighted intersection of Milwaukee Avenue and Deerfield Road. The property is neighbored by national retailers such as Target, Chase Bank, Walmart Supercenter, Panera Bread, Verizon, and others.

“The property’s long term ground lease, low market rent and spectacular corner in high income suburban Chicagoland helped garner interest from investors nationwide and resulted in numerous competitive offers throughout the marketing process,” said Kanich. “Ultimately, the property sold to a Chicago based private investor looking to fulfill part of their 1031 exchange.”

 

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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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.

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