"We were able to command a strong price as the availability ofWal-Mart net leases in a dynamic location such as the northwestsuburbs of Chicago are few and far between," says MillenniumProperties, Inc. President Daniel J. Hyman, who brokered the dealalong with Robert Miller of Millco Investments.

|

The stores, located on 18 acres at the northwest corner of oneof the busiest intersections in the state, opened last year andgenerate net income of $2.3 million. The two buildings total259,302 sf. Although a sales price was not disclosed, it wasoffered for sale at $29.356 million.

|

Hyman says a Midwest real estate developer sold the property toan individual investor who needed to complete a large Section 1031Exchange.

|

Earlier this year, the nearby Arlington Oak Pointe property at703 Algonquin Rd. sold for $8.2 million.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.