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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