Hanley, RML Arrange Sale of IL Retail Asset
- Jan 09, 2020
Hanley Investment Group has secured the $3.1 million sale of a two-tenant retail property in Chicago. After arranging the sale of a 2,100-square-foot Starbucks property in Fresno, Calif., the company’s Executive Vice Presidents Jeff Lefko and Bill Asher, together with Greystone’s Partners Greg Dietz and Danny Spitz worked on behalf of the seller, a Chicago-based real estate investment and development firm. RML Management Inc. represented the buyer, a San Jose-based investor.
The newly constructed property located at 960-968 E. Dundee Road on approximately 0.7 acres, consists of roughly 5,200 square feet and is occupied by an Aspen Dental-branded practice and T-Mobile. Other retailers such as Walmart, Home Depot, Target, TJ Maxx, HomeGoods, Petco, Aldi and Jewel-Osco are nearby. The retail building offers convenient access to Chicago Central Business District situated 30 miles away and to O’Hare International Airport, at approximately 14 miles from the property.
Both tenants have long-term triple-net leases with a 10 percent increase every five years. Aspen Dental has 3,500 square feet leased, while T-Mobile occupies 1,700 square feet. Within a five-mile radius of the property reside more than 252,000 residents earning an average household income of $120,000.
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