Baum Completes Sale of Chicagoland Building

The brokerage firm closed the $4 million sale of a Des Plaines property occupied by US Bank and Verizon.
The property occupied by the US Bank and Verizon in Des Plaines, Ill.
The property occupied by US Bank and Verizon in Des Plaines, Ill.

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