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Private Fund Divests NAPA Auto-Anchored Retail in Plainfield
Marcus & Millichap closed the sale of a NAPA Auto Parts-anchored retail center, located in Plainfield, IL. The sale price was $2,350,000.
Mitchell Kiven, first VP investments in Marcus & Millichap’s Chicago Downtown office, marketed the property on behalf of the seller, a private real estate fund. The transaction closed within three months of first hitting the market, at 96% of the asking price.
The property is a four-tenant retail center that weathered some vacancy challenges due to a large suite formerly occupied by Mattress Firm. NAPA Auto Parts signed a lease in late 2022, taking the Mattress Firm space, thereby bringing the property to full occupancy.
Kiven said, “Neighborhood, service-oriented retail centers like this one have become a much more sought-after asset class after years of being discounted by investors. Pricing has become richer across the asset class overall.”
- ◦Sale/Acquisition
