Chciago, IL, October 14, 2016 --(PR.com
)-- Chicago-based Baum Realty Group, LLC (“Baum”), one of the Midwest’s leading retail brokerage firms, is pleased to announce that Baum’s Investment Sales Team facilitated the sale of a 7-Eleven retail store located at 200 N. Dearborn Street in Chicago’s highly sought-after central business district (CBD) for $3,600,000.
7-Eleven - 200 N. Dearborn
Patrick Forkin, Danny Spitz, Brad Teitelbaum and Greg Dietz from Baum Realty’s Investment Sales team represented the seller, a private East-Coast owner. The buyer, described as “an international, high net-worth individual” closed the all-cash sale in less than 30 days.
Investment Sales team Managing Director Danny Spitz summarizes this opportunity with two key details. “This location will continue to be a well performing 7-Eleven store because of the dense consumer base in the immediate vicinity; however, with the expiring lease at below-market rent, there is short-term asset appreciation for the new buyer.”
Value-Add opportunity with near-term lease expiration
Investment grade credit tenant (AA-)
Rarely available core Chicago CBD retail
Within 2 blocks of 3 L stops – 16.29M annual riders combined
Daytime populations of ±300,000 within ½ mile
Patrick Forkin, a Vice President of Baum’s Investment Sales team believes this sale is indicative of current trends in commercial real estate investments. “Investor demand for core retail real estate leased to investment grade tenants remains strong, especially assets located within the CBD, as evidenced by multiple offers and a sales price within 2% of the asking price.”
Baum’s Investment Sales division is one of the most active brokerage teams in Chicago with more than $400MM in completed real estate transactions since 2014. Baum offers disposition and acquisition services for third-party property owners and investors, serving as trusted advisor and business partner for real estate investors.
View a list of recent Investment Sales Transactions at www.baumrealty.com
About Baum Realty Group
Baum Realty Group, LLC celebrates its 25th year in 2016. Baum is a proven leader offering the highest-quality brokerage service model, consistently surpassing the expectations of prestigious national clients in all market segments.
Our brokers, along with dedicated marketing and support teams, market and manage each deal with a focus on long-term success. Baum’s sterling reputation rests on a driven core of professionals who provide unparalleled market knowledge, detail oriented service, creativity and a relentlessly enthusiastic approach to commercial real estate.
Recent notable transactions: www.baumrealty.com
For additional information and/or media please contact:
Baum Realty Group, LLC
1030 W. Chicago Avenue, Suite 200
Chicago, IL 60642