Machesney Park Walgreens Changes Hands in 1031 Deal
Marcus & Millichap closed the sale of a 14,490-square-foot net-leased Walgreens property located in Machesney Park, IL. The sale price was $4.2 million.
Joe J. Sparano, Dan Yozwiak and Darpan Patel, investment specialists in Marcus & Millichap’s Columbus and Tampa offices, marketed 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 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 Rd. in Machesney Park. The asset was built in 2008 and is located on a hard, signalized corner of two multi-lane roads.
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