JLL closes sale of new retail property in suburban Chicago
The single-tenant building is occupied by Goodwill
CHICAGO, November 5, 2019 – JLL announced today that is has closed the sale of a newly constructed, 18,000-square-foot, single-tenant retail property that is triple net leased to Goodwill in the Chicago suburb of Glenview, Illinois.
JLL marketed the property on behalf of the seller, a Chicago-based merchant developer. Best Properties LLC of Florida purchased the asset in a 1031 Exchange.
Goodwill Industrials of Southeastern Wisconsin, Inc., which is the largest of the more than 165 Goodwill organizations in the world, started store operations in February of 2019 with a 10-year lease. Completed in 2019, the building is situated on 1.7 acres at 2740 Old Willow Road in Glenview, a popular northern suburb 22 miles northeast of downtown Chicago. It’s within the dense Glenview/Northbrook Retail-Office submarket, which serves as a major daytime hub with a daytime population of more than 95,000, and just off Willow Road, where it is visible to approximately 40,000 vehicles per day. The surrounding area is highly affluent with more than 72,000 residents within a three-mile radius earning an average annual household income of nearly $180,000, which is nearly double that of the Chicago MSA average.
The JLL Capital Markets team representing the borrower was led by Senior Vice Presidents Nicholas Kanich and Alex Sharrin.
“New construction single-tenant assets remain in high demand in today’s market,” Kanich said. “Retailers are much more methodical about their expansion plans and new locations are hard to come by. The lack of supply translated into strong activity and great execution on this sale.”
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 nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com