Net Lease N Illinois

JLL closes sale of new retail property in suburban Chicago

JLL closes sale of new retail property in suburban Chicago,ph1

JLL closed on the sale of a newly constructed, 18,000-square-foot, single-tenant retail property that is triple-net-leased to Goodwill in the Chicago suburb of Glenview, Illinois. JLL marketed the property on behalf of the seller, a Chicago-based merchant developer. Best Properties LLC of Florida purchased the asset in a 1031 exchange.

Goodwill Industrials of Southeastern Wisconsin, Inc., which is the largest of the more than 165 Goodwill organizations in the world, started store operations in February of 2019 with a 10-year lease. Completed in 2019, the building is situated on 1.7 acres at 2740 Old Willow Road in Glenview, a suburb 22 miles northeast of downtown Chicago.

It’s within the dense Glenview/Northbrook retail-office submarket, which has a daytime population of more than 95,000, and just off Willow Road, where it is visible to approximately 40,000 vehicles per day. The surrounding area is highly affluent with more than 72,000 residents within a three-mile radius earning an average annual household income of nearly $180,000, which is nearly double that of the Chicago MSA average.

The JLL capital markets team representing the borrower was led by senior vice presidents Nicholas Kanich and Alex Sharrin. “New construction single-tenant assets remain in high demand in today’s market,” Kanich said. “Retailers are much more methodical about their expansion plans and new locations are hard to come by. The lack of supply translated into strong activity and great execution on this sale.”