Real Estate - DECEMBER 2, 2019

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Family office acquires single-tenant retail property in Lincoln Park

by Andrea Zander

JLL 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.

“Single-tenant assets with comfortable rents and future upside — no matter how far into the future — attract generational buyers that lock the asset in at a relatively low basis compared to others in these dense infill neighborhoods,” said Nicholas Kanich, JLL senior vice president. “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 recr

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