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Chicago & Midwest  + North Side  + Net Lease  | 

SRS $3M Sale of Wendy’s Brings More Burgers to Belmont Central

SRS Real Estate Partners’ National Net Lease Group (NNLG) completed the $3.035-million sale of a single-tenant retail property occupied by Wendy’s. Built in 1983 and renovated in 2022, the 4,031-square-foot property is on 0.63 acres, located at 2811 N. Narragansett Ave. in Chicago.

The property is next to The Brickyard, a 549,000-square-foot center, and Bricktown Square, a high-traffic 291,000-square-foot retail space. Surrounding national retailers include Target, ALDI, and Marshall’s, and there are more than 908,000 residents and 244,000 employees within a five-mile radius of the bustling Belmont Central neighborhood.

SRS NNLG’s Senior Vice Presidents Sean Lutz and Dan Elliot represented the seller, a California-based private investor. The all-cash buyer, also a California-based private investor, was represented by Bruce Lee and Hope Kim of New Star Realty, with a closing cap rate of 5.27% and a $753 price per square foot.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

  • ◦Sale/Acquisition
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