JLL Capital Markets closed the $3.95 million sale of a multi-tenant retail building net leased to three tenants in the suburban Chicago community of Mt. Prospect, Illinois. JLL worked on behalf of the seller, Chicago-based GW Properties. Los Angeles-based Harold Davidson & Associates, Inc. purchased the asset.
Originally constructed in 1966, the building was completely renovated in 2019 with additional parking added. It is fully net leased to three tenants in the medical, restaurant and wireless service industries.
The JLL Capital Markets team representing the seller was led by managing director Alex Sharrin and director Alex Geanakos. “We continue to see investors flock to quality, intrinsic real estate propelled by national medical and retail users,” Sharrin said.
Situated on .69 acres at 920 E. Elmhurst Road, the property is at the intersection of Rand and Elmhurst Roads, exposing the property to 45,000 vehicles a day, and is within a concentrated retail block with more than 1.1 million square feet of retail space. The property is in a dense, affluent area with 117,000 residents with an average annual household income of $113,000 live within a three-mile radius of the property.
