Property with high-end furniture tenant sells in Chicago
JLL brokered the sale of the single-tenant retail property in Lincoln Park
CHICAGO, December 2, 2019 – JLL announced today that is has closed the sale of a 9,794-square-foot, single-tenant retail property that is triple net leased to Walter E. Smithe, a family owned and operated local furniture business with four generations of experience, in one of Chicago’s main shopping districts in the city for higher-end furniture.
JLL marketed the property on behalf of the seller, a Chicago-based private partnership, and procured the buyer, a California-based family office, which purchased the asset in a 1031 exchange.
The property is at 2009 N. Clybourn Avenue on the hard, signalized corner of N. Clybourn and N. Magnolia Avenues within the Clybourn Corridor, one of the city’s top retail trade areas and the de facto main shopping district for the affluent Lincoln Park neighborhood. With 100 feet of frontage along N. Clybourn Avenue, the building is visible to more than 12,000 vehicles each day. Additionally, with a Walk Score® of 91, the property is considered a “Walker’s Paradise” and benefits from foot traffic in addition to being in a retail-oriented area that bridges the gap between Lincoln Park and the Bucktown/Wicker Park communities. The property is one of the tenant’s 10 Chicagoland showrooms and its the only Chicago location
The JLL Net Lease Capital Markets team representing the seller was led by Senior Vice Presidents Nicholas Kanich and Alex Sharrin.
“Single-tenant assets with comfortable rents and future upside – no matter how far into the future – attracts generational buyers that lock the asset in at a relatively low basis compared to others in these dense infill neighborhoods,” Kanich said. “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. Both buyer and seller were equally excited about the sale, and I am glad we were able to facilitate the closing for them both!”
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.