"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.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 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.
