"Blockbuster and Bubbleland Laundromat occupy the entire property on a net lease basis," says Millennium Properties Inc. president Daniel J. Hyman, who brokered the deals. "These types of retailers have prospered in areas that have been underserved by national retailers."
The deal involving 10721-29 S. Ridgeland Ave., near the Chicago Ridge Mall, required finding new tenants first, Hyman says. Occupancy was boosted from 72% to 100%, he says.
The 8,000-sf building was on the market for $395,000. It also was acquired two years ago, for $300,000, according to property records.
Parkway Bank, which financed the 2001 acquisition of 9100 S. Commercial Ave. with a $1.4-million loan, also provided a mortgage on the most recent deal.
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