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New York Investor Acquires University-Leased Romeoville Property
A New York-based private investor has acquired 1400 W. Normantown Rd. in Romeoville, IL for $6.2 million. The property is occupied on a triple-net lease by Rasmussen University, which was acquired by American Public Education in 2021.
Peter Doughty and Brent Holder of Marcus & Millichap Chicago Downtown office marketed the property on behalf of a California-based private investor that had purchased the asset through a 1031 exchange. They also represented the buyer.
“Amid broader economic uncertainty, the historic stability of net-leased real estate makes assets like 1400 W. Normantown especially attractive to investors, including coastal buyers looking to expand their holdings in the Chicago area,” said Holder.
Dean Giannakopoulos, senior managing director of Marcus & Millichap Capital Corporation, and Matt Smego, production manager at MMCC, sourced the financing for the buyer despite the shorter lease term and shifting interest rate environment.
- ◦Sale/Acquisition
