Flagship Lou Malnati’s restaurant building near Chicago sold
JLL closed the $6.4M sale of the newly constructed retail property
CHICAGO, January 30, 2020 – JLL Capital Markets announced today that is has closed the $6.4 million sale of an 8,059-square-foot, single-tenant building triple net leased to the flagship Lou Malnati’s Pizzeria in the Chicago-area community of Oakbrook Terrace, Illinois.
JLL marketed the property on behalf of the seller, Vequity, and procured the Chicago-based buyer.
Once completed this year, the property will be occupied by Lou Malnati’s Pizzeria, an award-winning, American Chicago-style pizza restaurant chain headquartered in Northbrook, Illinois, with more than 60 locations nationally. The building features an 800-square-foot patio and is situated on 1.06 acres at 18W100 22nd Street in Oakbrook Terrace, an affluent Chicago suburb less than 20 miles west of downtown Chicago. Approximately 269,289 residents live within a five-mile radius of the property.
The JLL Net Lease Capital Markets team representing the seller was led by Senior Directors Alex Sharrin and Nicholas Kanich.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Vequity helps retailers grow their store count efficiently, effectively and most importantly—quickly. This approach results in a responsible expansion plan that allows retailers to focus their efforts and resources on their core business as they add new locations. Vequity helps its clients both locally and nationally accomplish their expansion goals by having a thorough understanding of the requirements of both the tenant and landlord.