The triple-net leased property was acquired fromNorthbrook-based Itasca Limited Partnership by private investors ata 9% capitalization rate, says DK Realty Partners, LLC brokerassociate Tyler Neptune. The investors, his clients, had dealtmainly in multifamily properties and needed to find a propertyfollowing a multifamily sale to complete a Section 1031exchange.

"This was an attractive property that continues to be wellmaintained by the tenant and produces excellent cash flow for theinvestors," Neptune says.

Harris Bank of Libertyville financed the purchase of theseven-year-old with a $3.57-million loan, according to propertyrecords.

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

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