Marcus & Millichap recently closed the sale of a NAPA Auto Parts-anchored retail center located in Plainfield, IL for $2,350,000. Mitchell Kiven, first VP investments in Marcus & Millichap’s Chicago Downtown office marketed the property on behalf of a private real estate fund and achieved 96% of asking price within three months.
The four-tenant retail center had faced vacancy challenges due to an earlier large suite occupied by Mattress Firm; however this was resolved when NAPA Auto Parts signed a lease late 2022 taking over that space and bringing full occupancy to the property. Kiven commented “Neighborhood service-oriented retail centers have become much more sought after assets with richer pricing across the asset class overall.”
