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CHICAGO-Two area real estate investment firms that specialize in trading net-leased properties, many of them involved in 1031 exchanges, have rung up about $50 million in recent sales. The largest deal moved three suburban Walgreens in Chicago Heights, Darien and Hickory Hills for $15 million.

Syndicated Equities Corp. moved the three assets using its Multi-Owner Opportunity program, which allows multiple investors, mostly 1031 exchangers, to buy net-leased assets. Cole Taylor Bank financed the deal.

Syndicated Equities’ MOO program was used to sell a 21,111-sf retail portion of 130 S. Canal St. for $10.1 million. GNC, Starbucks, Kinko’s, US Cellular and CVS are ground-floor tenants in the retail space of the West Loop condominium building. Citigroup’s Global Markets Realty Group provided financing.

The largest single-asset deal was a $4.823-million sale of a 15,120-sf store in Lansing, MI leased to Walgreens for 20 years.

Brokered by Northbrook-based The Boulder Group, the Walgreen’s was sold at an 8.5% capitalization rate to a Las Vegas-based investor completing a 1031 exchange.

Walgreens’ competitor, Providence, RI-based CVS, is the tenant at a 10,125-sf property in Shelbyville, IN. A Chicago-area investor assumed the existing financing on a $4.1-million deal, brokered by Syndicated Equities Corp., that results in zero cash flow.

The Eckerd’s drug store chain has a 20-year triple-net lease on a 12,738-sf building in New Bern, NC, which sold for an 8.0% capitalization rate at $4.09 million. The Boulder Group brokered the deal involving a Chicago area investor who sold a multifamily rental building and needed to acquire a property to complete a 1031 exchange.

The motivation was the same in the sale of another Eckerd’s outlet in Laurens, SC, which sold at an 8.25% capitalization rate at $3 million. Eckerd’s holds an 18-year triple-net lease.

Another Chicago investor involved in a 1031 exchange paid $2.9 million to acquire a 10,880-sf building in New Palestine, IN leased to CVS. The deal was at zero cash flow.

Office Max holds a 10-year, triple-net lease on a 23,500-sf building in Council Bluffs, IA, acquired by Los Angeles-based Rivin Properties, LP as part of a 1031 exchange for $2.64 million in a deal brokered by The Boulder Group.

The cap rate was 8.47% on a 6,900-sf building in south suburban Homewood, where Hollywood Video and Caribou Coffee hold long-term leases. The price was $1.6 million for a Chicago investor completing a 1031 Exchange.

The richest cap rate among the deals was 9.2%, achieved by Los Angeles-based JM Real Estate, Inc. in its purchase of a 700-sf White Castle in Waterford, MI. The hamburger chain holds a seven-year triple-net lease.

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