December 3, 2019
JLL closed the sale of a 9,794-square-foot retail property that is triple-net leased to Walter E. Smithe, a family owned and operated local furniture business with 10 locations across the metro area. The property at 2009 N. Clybourn Ave. in Lincoln Park’s Clybourn Corridor is the tenant’s only location in the city of Chicago.
The JLL Net Lease Capital Markets team representing the seller was led by SVPs Nicholas Kanich and Alex Sharrin. JLL marketed the property on behalf of a Chicago-based private partnership, and procured the buyer, a California-based family office, which purchased the asset in a 1031 exchange.
“Upon expiration of the lease in 2030, the purchaser will have a great building on a strong corner with dedicated parking and timber construction, the likes of which developers only attempt to recreate in new construction assets,” said Kanich.
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