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Net-Leased Auto Service Property Finds Buyer in Uptown
Marcus & Millichap closed the sale of Just Tires, a 6,000-square-foot net-leased auto service property in Chicago’s Uptown neighborhood. The asset sold for $4,200,000.
Nicholas Kanich, first VP of investments in the Net Lease Group at Marcus & Millichap’s Chicago Downtown office, facilitated the off-market sale between the Chicago-based seller and Delaware-based buyer.
Just Tires is located at 4809 N. Broadway St in Chicago. There are currently numerous large-scale multifamily developments being constructed near the property, showing an increased demand for a growing population in the neighborhood.
“This property’s prime Chicago retail location was a driving force in the buyer’s motivation to acquire this asset,” said Kanich. “Both the strong underlying zoning as well as the optionality with the tenant made this a unique opportunity for the buyer’s 1031 exchange needs.”
He added, “The transaction closed quickly with no issues during escrow.”
- ◦Sale/Acquisition
