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CA Buyer Snags Net-Leased Frozen Custard Shop in Mokena
Andy’s Frozen Custard, a net-leased property in the Chicago MSA suburb of Mokena, was recently purchased by a California-based family trust.
Located at 11275 W. Lincoln Highway, the property sold for $1,715,000. The newly built 2,200-square-foot asset is situated next to national retailers, including Meijer, Panda Express and PetSmart.
“We received offers within three days of listing this property on our proprietary technology platform, MNet,” said Nicholas Kanich, first vice president of investments. “Working together with the Palo Alto team, we moved from offer to close within 50 days and sold at 98 percent of the listing price. This was an exceptional opportunity to purchase a new-construction investment property with a 20-year ground lease.”
Kanich, a single-tenant net-lease investment specialist in Marcus & Millichap’s downtown Chicago office, had the exclusive listing to market the property on behalf of the seller, an Illinois real estate investment firm, and Kirk Trammel, David Cutler and Joshua Johnson, investment specialists in Marcus & Millichap’s Palo Alto office, procured the buyer.
