CHICAGO—Quantum Real Estate Advisors Inc. has completed the sale of a freestanding, 6,500-sq.-ft. O’Reilly’s Auto Parts located at 3082 North Henry Street in Muskegon, Mich., working on behalf of the seller, a private developer based in the Midwest.
A private individual from Texas purchased the property for $1.1 million.
The property was formerly a Blockbuster video store that was retrofitted for O'Reilly's in June 2011. At the time of sale, 14 years remained on the lease.
Jordan Kaufman, sales broker from Quantum Real Estate Advisors said, "This transaction is just another example of the extremely high demand we are seeing in the marketplace for long-term, single-tenant, credit, net leases, particularly at this price point."