PALOS HILLS, IL-The Social Security Administration’s regional office building at 10718 Roberts Rd. has been sold for $3 million. The General Services Administration has a 20-year lease on the 9,490-sf building for $360,000 a year, which after operating expenses, produces an 8% capitalization for Washington-based Gerlicher Co., new owner of the property.

The property was one of three buildings sold by Flint, MI-based West Second Street Associates. Meanwhile, Gerlicher Co. adds to a portfolio that already Social Security Administration building in Yuma, AZ. The local deal was brokered by Bellevue, WA-based Investment Realty Advisors, Inc., which specializes in selling investment grade credit properties.

In unrelated, net-lease deals, a private investment group involved in a Section 1031 exchange acquired ConocoPhillips properties in Lockport and Oswego for a combined $7.6 million. ConocoPhillips franchisees hold 20-year triple-net leases on the properties. The sale of the 3,342-sf Lockport asset was at an 8.2% capitalization rate while the 3,500-sf Oswego property traded at a 7.8% cap rate.

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