February 14, 2020 Comments Off on Interra Brokers 1031 Deal for Firestone Location Views: 337 Chicago News, Greater Chicagoland

Interra Brokers 1031 Deal for Firestone Location

Interra Realty brokered the sale of a Firestone Complete Auto Care at 8801 Skokie Blvd. in Skokie, IL, for $3.7 million through a 1031 exchange.

Interra director Paul Waterloo represented the private local buyer, who will assume an existing lease with seven years remaining. Colin O’Malley, also a director at Interra, represented the private seller, a family trust that has owned the asset for more than 50 years.

“The Skokie Boulevard property offered excellent visibility and an existing net lease with a creditworthy tenant, both of which enhanced its marketability,” said O’Malley. “As this transaction demonstrates, 1031 exchanges are often a gateway to single-tenant net lease retail investments. The assets are less management-intensive than other property types.”

The property has been leased to Firestone throughout the duration of the trust’s ownership. Built in 1950, it features nine bays and 18 drive-in doors for service.

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