CHICAGO-Stan Johnson Co. has completed the sale of a four-property retail portfolio in Chicago, 100% occupied by Walgreens, to Virginia-based Harbor Group International for $28 million. With an average cap rate of 6.8%, three of the retail properties are located in Chicago with one being located in Wheaton.
Brandon Duff and Brad Feller with Stan Johnson represented the seller, Chicago-based Centrum Properties, as well as the buyer. Duff said in a statement that the sale indicates increased competition for well-placed, quality net-lease properties.
“This deal confirms the trend that that we continue to see transactions larger than $20 million take place and on an all cash basis as well as the from non-traditional net-lease buyers for investment grade properties in primary markets,” said Duff. “We continue to see cap rates fall more than 100 basis points for net-lease properties such as Walgreens and CVS Pharmacy, especially in primary markets like Chicago.”
CHICAGO-Wildberry Caf
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