Press Releases
Marcus & Millichap Announces the Sale of a Net-Leased Walgreens in Illinois
April 04, 2024
MACHESNEY PARK, IL., April 4, 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 Walgreens, a 14,490-square-foot net-leased property located in Machesney Park, Illinois. The asset sold for $4.2 million.
Joe J. Sparano, Dan Yozwiak, and Darpan Patel, investment specialists in Marcus & Millichap’s Columbus and Tampa offices, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Steven Weinstock, Illinois Broker of Record, assisted in closing this transaction.
“We secured a local 1031 buyer approximately seven days after listing,” said Joe Sparano, the lead agent on the transaction. “It’s not often a deal goes under contract and closes 30 days later but utilizing our team and Marcus & Millichap’s platform allowed for a seamless transaction with a swift close.”
Walgreens is located at 1680 West Lane Road in Machesney Park, Illinois. The asset was built in 2008 and is located on a hard, signalized corner of two multi-lane roads with excellent visibility.
Joe J. Sparano, Dan Yozwiak, and Darpan Patel, investment specialists in Marcus & Millichap’s Columbus and Tampa offices, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Steven Weinstock, Illinois Broker of Record, assisted in closing this transaction.
“We secured a local 1031 buyer approximately seven days after listing,” said Joe Sparano, the lead agent on the transaction. “It’s not often a deal goes under contract and closes 30 days later but utilizing our team and Marcus & Millichap’s platform allowed for a seamless transaction with a swift close.”
Walgreens is located at 1680 West Lane Road in Machesney Park, Illinois. The asset was built in 2008 and is located on a hard, signalized corner of two multi-lane roads with excellent visibility.
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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.
