The triple-net leased property was acquired from Northbrook-based Itasca Limited Partnership by private investors at a 9% capitalization rate, says DK Realty Partners, LLC broker associate Tyler Neptune. The investors, his clients, had dealt mainly in multifamily properties and needed to find a property following a multifamily sale to complete a Section 1031 exchange.
"This was an attractive property that continues to be well maintained by the tenant and produces excellent cash flow for the investors," Neptune says.
Harris Bank of Libertyville financed the purchase of the seven-year-old with a $3.57-million loan, according to property records.
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