Palatine Starbucks property sold for $1.4M

Marcus & Millichap, a commercial real estate investment services firm, announced the sale of a 998-square-foot Palatine property that is leased to Starbucks.

After receiving multiple offers, the property sold for $1.4 million, 96 percent of the list price, said Steven D. Weinstock, regional manager of the Marcus & Millichap's Oak Brook office.

Sean R. Sharko, Austin Weisenbeck and Brewster Hague, investment specialists in Marcus & Millichap's Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The all cash, out-of-state buyer was also secured and represented by Sharko and Weisenbeck.

The property is at 325 E. Lake-Cook Road just off the high-traffic intersection of Lake Cook and Rand roads. Offering high visibility and accessibility, the property is leased to Starbucks and includes a drive-through and outdoor seating area.

Founded in 1971, Marcus & Millichap closed more than 9,000 transactions in 2017 with a value of approximately $42.2 billion.