"We were able to command a strong price as the availability of Wal-Mart net leases in a dynamic location such as the northwest suburbs of Chicago are few and far between," says Millennium Properties, Inc. President Daniel J. Hyman, who brokered the deal along with Robert Miller of Millco Investments.
The stores, located on 18 acres at the northwest corner of one of the busiest intersections in the state, opened last year and generate net income of $2.3 million. The two buildings total 259,302 sf. Although a sales price was not disclosed, it was offered for sale at $29.356 million.
Hyman says a Midwest real estate developer sold the property to an individual investor who needed to complete a large Section 1031 Exchange.
Earlier this year, the nearby Arlington Oak Pointe property at 703 Algonquin Rd. sold for $8.2 million.
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