FOX RIVER GROVE, IL-A Blockbuster Video store in this far northwest suburb of Chicago has sold for $1.15 million in a triple-net lease deal. It is part of a trend in the market toward the increasingly popular investment vehicle, says the sole broker in the deal.
“This transaction represents the strong demand for single-tenant net-leased properties in the Chicago real estate market,” says Chad M. Firsel, vice president of investment sales at Chicago-based Millennium Properties, Inc. “Investors are tired of managing their commercial properties and the triple-net leases provide for good cash flow and no management headaches.”
An unidentified Chicago investor paid all cash for the property, which includes a smaller version of the video store, and closed within 30 days of contract signing. The Blockbuster is located on an outlot near a recently-built Dominick’s Finer Foods.