Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
NNN Walgreens Trades in 1031 Exchange
Essex Realty Group has brokered the sale of 1180 Farnsworth Ave. in Aurora, IL, triple net leased to Walgreens. The $7.525-million deal was completed as part of a 1031 exchange.
Steven Livaditis and Joe Scheck represented the buyer, CIMA Investors LLC, in the transaction; the seller was not disclosed. Livaditis and Scheck had represented CIMA Investors in the sale of a 31-unit courtyard apartment building in Chicago’s Andersonville neighborhood this past March.
Given their client’s investment horizon, Livaditis and Scheck were able to successfully move the equity position into a less-management intensive property, while deferring their capital gains tax liability through a 1031 exchange.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
Get Chicago News in 150 Words
