56,261-square-foot property is home to Quality Elevator Products, Inc.,
Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, today announced it has brokered the $5.2 million absolute net sale-leaseback of a 56,261-square-foot industrial property at 7760 N. Merrimac Ave., in Niles, Ill. Located approximately 10 minutes from O’Hare International Airport, the property brought in 17 offers in the first 48 hours on the market and sold for above asking price.
Marcus & Millichap’s Peter Doughty, Vice President Investments, and Dylan Hyde, Associate, represented the property’s longtime owner, Quality Elevator Products, Inc., which will remain as the building’s sole occupier on a long-term lease, with multiple renewal options as part of the sale-leaseback structure. The Marcus & Millichap team also procured the buyer, Faropoint, a U.S. real estate investment firm focused on industrial properties.
“The industrial market in the O’Hare submarket remains in high demand across asset classes, from newer construction to well-located older product,” said Doughty. “This transaction proved to be a win-win for both buyer and seller. Our team aided the business owner in structuring a long-term lease, allowing him to divest from the real estate asset to fund retirement while keeping the family-run business at the location it has called home for more than a decade.”
Constructed in 1975, the facility contains approximately 95% warehouse build-out, 18-foot clear height ceilings, eight internal docks and one drive-in door. Quality Elevator Products, which had owned the building since 2004, specializes in manufacturing and distribution of elevator and escalator parts and accessories, and currently carries over 3,000 products.
About Marcus & Millichap (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.
