**Net-Leased Jewel-Osco Property in La Grange Park Sells for $9.05 Million**
Marcus & Millichap has announced the successful sale of a net-leased Jewel-Osco property located in La Grange Park, Illinois, for $9.05 million.
“This asset generated significant interest, with nine written offers and one of the lowest cap rates achieved for a full-service grocer in the Midwest in recent years,” said Adrian Mendoza, First Vice President Investments at Marcus & Millichap. “The long-term lease extension, exceptional operating history, and strong underlying real estate fundamentals made this an ideal fit for a 1031 exchange investor.”
Adrian Mendoza, along with investment specialists Sean Sharko and Austin Weisenbeck from Marcus & Millichap’s Chicago Oak Brook office, exclusively marketed the property on behalf of the seller, a life insurance company.
The property consists of a 46,637-square-foot building located at 507 E. Woodlawn Avenue, just under a mile from downtown La Grange and the La Grange Road Metra Station. Jewel-Osco has operated at this location since the store was originally constructed in 1964. The grocer recently committed to a 20-year lease extension, securing their presence at the site through May 2044.
