February 13, 2019
Marcus & Millichap has facilitated the sale of a 22,007-square-foot net-leased CVS on the city’s West Side. The asset sold in an all-cash transaction within 95% of list price for $3,250,000.
Brian Parmacek, 1st VP investments, and associate Victor Cornelio, both of Marcus & Millichap’s Chicago Downtown office, exclusively marketed the property on behalf of the out-of-state seller, and also represented the local buyer.
The property is located at 2634 S. Pulaski Rd. along 26th Street, reportedly the second-highest revenue-driven retail corridor in Chicago. The local buyer acquired the property due to the infill-dense location and intrinsic value of the real estate.
At the time of sale, there were more than 13 years remaining on the absolute net lease with CVS. Marcus & Millichap says the property benefits from three points of ingress/egress, 62 onsite parking stalls, and nearly an entire city block of frontage along Pulaski Road.
For comments, questions or concerns, please contact Paul Bubny