Net-leased retail building sold in suburban Chicago
JLL Capital Markets closed the $3.95M sale of the newly renovated asset to a Los Angeles buyer
CHICAGO, August 20, 2020 – JLL Capital Markets announced today that it has closed the $3.95 million sale of a multi-tenant retail building net leased to three tenants in the suburban Chicago community of Mt. Prospect, Illinois.
JLL worked on behalf of the seller, Chicago-based GW Properties. Los Angeles-based Harold Davidson & Associates, Inc. purchased the asset.
Originally constructed in 1966, the building was completely renovated in 2019 with additional parking added. It is fully net leased to three tenants in the medical, restaurant and wireless service industries. Situated on .69 acres at 920 E. Elmhurst Rd., the property is at the intersection of intersection of Rand and Elmhurst roads, exposing the property to 45,000 vehicles a day, and is within a concentrated retail block with more than 1.1million-square feet of retail space. The property is in a dense, affluent area with 117,000 residents with an average annual household income of $113,000 live within a three-mile radius of the property.
The JLL Capital Markets team representing the seller was led by Managing Director Alex Sharrin and Director Alex Geanakos.
“We continue to see investors flock to quality, intrinsic real estate propelled by national medical and retail users,” Sharrin said.
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. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About GW Properties
Through deep rooted and diverse relationships in the commercial real estate industry, GW Properties has developed an expertise in retail and mixed-use properties. Over the past decade, GW principals have been involved in the brokerage, investment and development of over $500 million of real estate in the Chicagoland area with a typical deal size ranging from $500,000 to $5 million. GW practices respectful development through its collaborative approach of uncovering opportunities, optimizing value, and enhancing communities. This process has yielded a track record of proven results.
About Harold Davidson & Associates, Inc.
Harold Davidson & Associates, Inc. is an investment counseling firm with over 40 years of experience managing portfolios in stocks, bonds and real estate for individuals, families and institutions. They currently purchase and sell apartments and commercial properties nationwide.