Marcus & Millichap sells Cicero net-leased Gerber Collision building to 1031 buyer

What a 1031 buyer owns here is a credit and a clock. Marcus & Millichap has completed the sale of 5840 W. Ogden Ave. in Cicero, Illinois, an 18,620-square-foot Gerber Collision & Glass location that spent most of its life as an industrial building and was renovated across 2025 and 2026 into an auto-repair shop, then leased to Gerber on a new 15-year, corporate-guaranteed triple-net term. The seller was the property's developer; the buyer is a 1031 exchange investor, and Connect CRE's account of the trade does not include a price.

Lior Regenstreif, an executive managing director of investments in the brokerage's Encino office, described the sale as providing the buyer with a newly renovated property backed by a new 15-year corporate lease with an established national, publicly traded tenant, pointing to the Ogden Avenue location in one of Illinois' most densely populated communities as support for recurring demand for automotive repair and to the lease structure as the appeal for a long-hold 1031 exchange investment. Regenstreif and Steven Weinstock, Marcus & Millichap's Illinois broker of record, held the exclusive listing for the seller on the 1.53-acre site. Auto-repair real estate has been clearing elsewhere in the brokerage's book: this publication reported in September on its marketing of a Long Island City repair building that sold for $6.1 million with a condominium plan attached.

Gerber's corporate guarantee runs fifteen years from the lease, which takes rollover off the table for a hold of that length and fixes the income stream against a rate backdrop that Marcus & Millichap's own research tied to rising industrial CRE cost pressure earlier this month, citing 3.4% CPI and a 10-year Treasury above 5%. Long-dated single-tenant income is priced off that curve, so the identity of the eventual buyer, an exchange investor rather than an institution, is suggestive, though the coverage does not lay out the underwriting.

The mechanics are the standard value-add net-lease sequence: an old shell, a renovation, a credit tenant signed to a long lease, and a finished asset handed to a buyer working against a tax deadline. Where the margin sits between renovation cost and exit price is not disclosed, which keeps this trade from doing more than confirming that exchange capital is still bidding for freshly leased single-tenant product in Cicero.