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GLENCOE, IL-A private investor, based here, has acquired the Glencoe CarMax, located at 2000 Frontage Road, for $13.5 million from Glencoe CMX Owner LLC. The buyer was represented by Daniel Hyman, president of Millennium Properties R/E Inc. in Chicago. The estimated cap rate was 6%, Hyman tells GlobeSt.com.

Hyman said he could not disclose any information regarding the new owner except that it was a corporation based in Chicago. The seller was reportedly Tax Strategies Group. Tax Strategies Group purchased the CarMax in July 2006, according to a report on shopping center sales activity by CB Richard Ellis.

The buyer purchased the property as part of a 1031 tax free exchange, Hyman says. The seller “had bought a portfolio of these and, this was such a prime location, he felt he could make a premium on it,” he says. The 19,207-sf CarMax is located on a 5.4 acre site near the Edens Expressway. The Glencoe CarMax has been open for approximately three years, Hyman says. CarMax has a 15-year net lease for the property with approximately 14 years left on the lease after a sale lease-back. Hyman would not disclose a lease rate.

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