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Chicago & Midwest  + Greater Chicagoland  + Net Lease  | 
1400 W. Normantown Rd. in Romeoville, IL is occupied by Rasmussen University

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. 


Inside The Story

Marcus & Millichap Chicago Downtown

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition