Baum Completes Sale of Chicagoland Building
- Mar 16, 2017
Des Plaines, Ill.—Baum Realty Group recently announced that its investment sales team completed the sale of a fully occupied strip center in Chicago’s Des Plaines suburb for $4 million. US Bank and Verizon Wireless are the current tenants of the property. Baum represented the seller, a local investment group, in the 1033 exchange. The buyer is a local investor.
Located at 1223 E. Oakton St., the asset houses nearly 9,700 square feet on 1 acre, with customer parking located on a signalized corner seen by more than 53,500 vehicles per day. The property is less than 2 miles from O’Hare International Airport.
“The recognizable tenancy, recent building renovation and minimal landlord responsibilities associated with the property were attractive to a large nationwide net-lease investor pool that created a competitive bidding landscape. Ultimately, a local investor who is familiar with the Chicago MSA and Des Plaines market purchased the asset,” said Baum Managing Director Greg Dietz, in a prepared statement.
US Bank has occupied the space for more than 20 years and recently executed a lease extension. Additionally, Verizon also signed a new seven-year lease.
Image courtesy of Baum Realty Group