Chicago, 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 the sale of an Urban NNN Multi-Tenant Retail Center at 5224 - 5228 N. Northwest Highway in Chicago’s Jefferson Park, a community and family-focused neighborhood on Chicago’s northwest side.
4224-28 N. Northwest Hwy
Baum’s Investment Sales team members Patrick Forkin, Greg Dietz, Brad Teitelbaum and Danny Spitz collaboratively represented the seller, a Midwest based real estate development group. The buyer, a private out-of-state investor, paid $4,500,000 for the property in an all-cash transaction.
“Tenants include a freestanding AT&T and a two-tenant building leased to ATI Physical Therapy and Immediate MD,” explains Patrick Forkin, a Vice President of Baum’s Investment Sales Team. “Limited national competition in the immediate marketplace and long-term leases allow the tenants to capitalize on this high-exposure City of Chicago location,” Forkin added. Forkin cites both the projected growth and success of the property’s tenants as strong factors in the purchaser’s acquisition decision.
Brand new corporate level NNN leases with rental increases
A recent renovation thereby reducing the requirement for short term capital expenditures
57 foot “grandfathered-in” pylon sign that provides exposure to I-90, a very unique feature for the area
Exposure to 58,300 VPD at confluence of Milwaukee Ave, Northwest Hwy, Central Ave and Foster Ave
Just east of I-90 (159,000 VPD) and 1 mile west of I-94 (154,200 VPD)
Surrounding retailers include: Walgreens, Associated Bank, Advance Auto Parts, 7-Eleven, Dollar Tree, Family Dollar, Firestone, TCF Bank, Mariano’s, Chase, Dunkin Donuts, CVS, Bank of America
“New, long-term corporate level net leases provide the buyer with passive income while having minimal maintenance responsibilities,” explains Greg Dietz, Managing Director of Baum’s Investment Sales Team. “That lease profile in addition to a completely renovated property attracted investment interest from across the United States,” Dietz added.
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