Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today it brokered the $6.2 million sale of 1400 West Normantown Road, a 25,000-square-foot net-leased property located in Romeoville, Ill., a southwest suburb of Chicago. The property is occupied by Rasmussen University, which was acquired by American Public Education in 2021.
Peter Doughty, vice president investments in Marcus & Millichap’s Chicago Downtown office, and Brent Holder, associate, exclusively marketed the property on behalf of the seller, a California-based private investor that had purchased the asset through a 1031 exchange and was selling to reallocate its equity into different property sectors. Doughty and Holder, who procured 13 competitive offers from both local and out-of-state buyers, also represented the winning bidder, a New York-based private investor.
“Amid broader economic uncertainty, the historic stability of net-leased real estate makes assets like 1400 West Normantown especially attractive to investors, including coastal buyers looking to expand their holdings in the Chicago area,” said Holder. “The Romeoville property offered both a desirable location along Interstate 55 and a credit tenant with several years remaining on its lease, enhancing its marketability.”
Demonstrating the advantages and capabilities of the Marcus & Millichap platform, Dean Giannakopoulos, senior managing director of Marcus & Millichap Capital Corporation, and Matt Smego, production manager, sourced the financing for the buyer despite the shorter lease term and shifting interest rate environment.
Constructed in 2009 as a build-to-suit for Rasmussen University, 1400 West Normantown is located approximately 30 miles southwest of downtown Chicago, along Interstate 55.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
