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Triple-Net Retail Pad Garners Multiple Bids in Palatine
Hanley Investment Group Real Estate Advisors recently completed the sale of a new-construction, two-tenant, retail pad building occupied by an Aspen Dental-branded practice and T-Mobile in the northwestern suburb of Palatine, IL. The sale price was $3,130,000.
EVPs Jeff Lefko and Bill Asher of Hanley, along with Greenstone Partners’ Greg Dietz and Danny Spitz, represented the seller, a Chicago-based real estate investment and development firm. The buyer, a private investor from San Jose, CA, was represented by RML Management.
“We generated multiple competitive and qualified offers immediately after bringing the property to the market,” said Lefko. “Investors were attracted to the quality of the tenants, long-term leases and the newly-minted, triple-net leases.”
Aspen Dental occupies 3,500 square feet, while T-Mobile occupies 1,750 square feet. Both tenants have new long-term triple-net leases with 10% increases every five years.
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