IL Retail Property Gets New Owner After 30 Years
- Oct 27, 2017
Baum Realty Group closed on the $6.3 million sale of a retail property in Schaumburg, Ill. The 4.8-acre site, located at 1020 E. Golf Road, was owned by the same local investor for more than 30 years and is leased to a Hyundai dealership.
“The property featured under-market rent providing a potential opportunity for an owner to increase its value by re-tenanting the property at market-level rent at the end of the lease term,” said Baum Vice President Patrick Forkin, the seller’s broker, in prepared remarks.
The Golf Road asset represents one of the several Illinois retail properties within key areas in the Chicago metro that Baum Realty has helped trade in the past six months. It is located half a mile west of one of the largest retail shopping centers in Illinois, Woodfield Mall. The area surrounding the property provides more than 10 million square feet of retail and 20 million square feet of office space.
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