December 7, 2018
Hanley Investment Group Real Estate Advisors recently completed sales of three single-tenant retail properties in Illinois in separate transactions for a total of $5.2 million. According to Hanley, all three sales were significant because they had less than eight years of lease term remaining. The properties are located in Woodridge, Arlington Heights and the St. Louis suburb of O’Fallon, IL.
Group VP Jeff Lefko and EVP Bill Asher arranged the sales of a Carrabba’s Italian Grill ground lease in Woodridge; a Chili’s Grill & Bar in Arlington Heights; and a MedExpress Urgent Care ground lease in O’Fallon. Lefko and Asher represented the sellers on all three deals.
“Despite rising interest rates, these sales highlight the continued demand for well-located, single-tenant, net-lease corporate-guaranteed properties,” said Asher. “However, it continues to be vital that assets are priced in accordance with the transitioning market if we’re to see transaction velocity increase moving forward.”
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