April 27, 2020

Marcus & Millichap arranges sale of net-leased Panera Bread property in Joliet

Marcus & Millichap brokered the sale of a 5,077-square-foot Panera Bread retail property located in Joliet, Illinois, according to Steven D. Weinstock, regional manager and first vice president of the firm’s Chicago Oak Brook office. The asset sold for $4,325,000.

Austin Weisenbeck and Sean R. Sharko, senior vice presidents and investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a limited liability company, was secured and represented by Karly Iacono, an investment specialist in Marcus & Millichap’s New Jersey office.

The property is located at 2400 W. Jefferson Street in Joliet, on a hard-corner intersection with over 600 feet of frontage. The listing procured multiple offers and was sold to an out-of-state 1031 exchange buyer.