Baum Realty Group Closes Sale of Chicago Retail Asset
- May 20, 2016
Chicago—The Baum Realty Group LLC of Chicago recently completed the sale of a 31,920-square-foot, ground-floor retail space in the Windy City’s Edgewater neighborhood.
A Baum Investment Sales Team led by brokers Danny Spitz and Patrick Forkin represented the seller in the $14.1 million transaction. The ground-floor retail space at The Granville was sold to a private East Coast investor.
“In today’s investment environment, a stable grocery-anchored retail asset in an urban setting like The Granville yielded a tremendous amount of interest which helped us achieve an aggressive cap rate for the seller,” Spitz said in a prepared statement.
“We’ve seen a large increase in retail tenants in Edgewater over the past two years, and we expect the momentum to continue, in large part due to the ongoing expansion of the Loyola University Campus,” added Forkin.
The fully leased property is anchored by an ALDI grocery store, alongside four other tenants, and also includes 106 covered parking spaces. All five tenants have signed triple-net leases at the site, providing passive income for the investor.