HOFFMAN ESTATES, IL-Claire’s Stores has sold its 527,661-square-foot headquarters and distribution center here for $18 million to Angelo Gordon Net Lease Fund in a leaseback deal. The building, which includes about 110,000 square feet of office space, is on 28 acres just off of Interstate 90 and directly adjacent to the Huntington Woods corporate park.

Having gone out of style during the economic downturn, sale-leasebacks are on a massive comeback, says Robert Brennan with CB Richard Ellis. Brennan, Andrew Sandquist, Jonathan Wolfe, John Suerth and Jason Lev represented Claire’s in the deal. Reasons for the comeback include an enormous amount of equity facing a lack of quality product on the market, and improved mortgage financing alternatives, Brennan tells GlobeSt.com. “There’s a difference between the leasing market, which is way down right now, and the investment market. There’s no question the industrial market is facing vacancy challenges, but on the investment side, especially in the past 60-90 days, there’s been a significant surge in activity.”

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?


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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.