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Chicago & Midwest  + Greater Chicagoland  + Retail  | 

SRS Arranges Sale of Triple-Net Leased Target

SRS Real Estate Partners’ National Net Lease Group has arranged the acquisition of a newly-constructed, single-tenant Target on behalf of a 1031 exchange buyer. The approximately 22,000-square-foot Target in Oak Park, IL also includes a full-service CVS Pharmacy and Starbucks.

SRS’ Britt Raymond, Matthew Mousavi, Patrick Luther and Kyle Fant represented the buyer, a private 1031 tax deferred exchange buyer from Manhattan. The seller, a Chicago-based developer, was represented by Ben Wineman and Wes Koontz of Mid-America Real Estate Corporation.

“This transaction represents a shift in passive investor demand, from traditional suburban NNN retail to core market assets, with reduced footprints and replaceable rent,” said Raymond.

Built in 2017 and located at 1129 Lake St., the property is the ground floor retail condo component of The Emerson, a mixed-use development. The site is one of Target’s new urban small format concepts serving an affluent local population.

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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).

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