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| Whole Foods Store, Chicago, IL |
CHICAGO, Jan. 16, 2013 – Marcus & Millichap Real Estate
Investment Services, the nation’s largest real estate investment services firm,
has arranged the sale of a net-leased Whole Foods store in Chicago.
The
41,148-square foot asset commanded a selling price of $11,580, 000, which
equates to approximately $281 per square foot.
Vice
president investments Sean Sharko and senior associate Austin
Weisenbeck, both in Marcus & Millichap’s Chicago Oak Brook office,
represented the seller, a local partnership.
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| Sean Sharko |
The buyer was represented by Juan DeAngulo of
Transwestern Investment Management.
“With strong store sales, an irreplaceable location and a
Whole Foods guaranty, the asset drew significant interest and multiple offers
from the investment community,” says Sharko.
“Moreover, the lease had ample term remaining and minimal landlord
responsibilities, making it a near-ideal investment,” adds Weisenbeck.
 |
| Austin Weisenbeck |
Located
at 6020 North Cicero Avenue on the city’s north side, the store sits at ground
level in a multi-story 136-unit condominium complex that offers 37 surface
parking spaces, as well as a 130-space underground garage exclusively for store
patrons.
Situated at the lighted, hard corner of Cicero and Peterson,
the grocery store is highly visible from Interstate 94 and easily accessible
from the Peterson Avenue off-ramp. Traffic counts at the corner exceed 57,000
vehicles per day; Interstate 94’s own traffic adds 160,000 to the count.
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| Juan DeAngulo |
The property’s lease commenced in February 2007 for a
15-year base term with five five-year options. As a net-lease operator, Whole
Foods is responsible for its pro-rata share of taxes, insurance and common area
maintenance. Currently, rent is approximately 2.5 percent of the company’s
total sales. The asset’s new investor assumed the current in-place, nonrecourse
loan.
Contact:
Public Relations
(925) 953-1716
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