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Highland Park property sold for $4.1M

Marcus & Millichap, a commercial real estate investment services firm, announced the sale of a 3,408-square-foot net-leased property located at 2030 Skokie Valley Road in Highland Park.

Steven D. Weinstock, regional manager of the firm's Chicago Oak Brook office, said after multiple offers, the property sold for $4.1 million in an all-cash transaction to a local 1031 exchange buyer.

The property's tenant, Chase Bank, has 15 years remaining on its 20- year ground lease, with 10 percent rental increases every five years. Benefitting from visibility along route 41, the property shares easements with CVS and a Starbucks/Verizon-anchored center and is across the street from Target.

Austin Weisenbeck and Sean R. Sharko, investment specialists in Marcus & Millichap's Chicago Oak Brook office, exclusively marketed the property on behalf of the seller, a developer. The buyer, a limited liability company, was also secured and represented by Sharko and Weisenbeck.

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