Hyman said he could not disclose any information regarding thenew owner except that it was a corporation based in Chicago. Theseller was reportedly Tax Strategies Group. Tax Strategies Grouppurchased the CarMax in July 2006, according to a report onshopping center sales activity by CB Richard Ellis.
The buyer purchased the property as part of a 1031 tax freeexchange, Hyman says. The seller "had bought a portfolio of theseand, this was such a prime location, he felt he could make apremium on it," he says. The 19,207-sf CarMax is located on a 5.4acre site near the Edens Expressway. The Glencoe CarMax has beenopen for approximately three years, Hyman says. CarMax has a15-year net lease for the property with approximately 14 years lefton the lease after a sale lease-back. Hyman would not disclose alease rate.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
