Net Lease N Illinois

Property with high-end furniture tenant sells in Chicago

Property with high-end furniture tenant sells in Chicago,ph1

JLL 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. 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 Clybourn and 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 Clybourn, 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!”