August 10, 2018
SRS Real Estate Partners’ National Net Lease Group has arranged the acquisition of a newly-constructed, single-tenant Target on behalf of a 1031 exchange buyer. The approximately 22,000-square-foot Target in Oak Park, IL also includes a full-service CVS Pharmacy and Starbucks.
SRS’ Britt Raymond, Matthew Mousavi, Patrick Luther and Kyle Fant represented the buyer, a private 1031 tax deferred exchange buyer from Manhattan. The seller, a Chicago-based developer, was represented by Ben Wineman and Wes Koontz of Mid-America Real Estate Corporation.
“This transaction represents a shift in passive investor demand, from traditional suburban NNN retail to core market assets, with reduced footprints and replaceable rent,” said Raymond.
Built in 2017 and located at 1129 Lake St., the property is the ground floor retail condo component of The Emerson, a mixed-use development. The site is one of Target’s new urban small format concepts serving an affluent local population.
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