Cawley Chicago’s Capital Markets Team, comprised of Principal Daniel Cawley, SIOR alongside Senior Associate, Brenten Blakeman represented building owner and operator of Players Indoor Sports, an indoor athletic and entertainment facility in a recent two-part lease and sale transaction in Naperville, IL. Located at 1740 Quincy Avenue, the 94,769 square foot multi-purpose facility opened its doors in 2009 and sits on 6.54 acres of land.
Cawley Chicago arranged a long-term, 12-year master lease to TOCA Football, Inc., a technology-enabled soccer experience and entertainment company based in Costa Mesa, CA. Cawley and Blakeman then took the property to market and sold it as an investment deal to buyer, Acies Capital Group. “The unique aspect of this transaction involved finding a credit tenant with an operating history that matched the existing owner and user. Their reputation in this marketplace was superior and as a result profitable. The property was specifically built for soccer in the middle of the 3rd & 4th largest cities in the Chicago suburban area leading to spectacular demographics for its clientele. Once the 12-year lease was secured with a national tenant, the valuation was simple and the investors then needed to determine if the asset’s cap rate fit in their portfolio,” explains Cawley.
Kip Hennelly with Patrick Commercial Real Estate represented the buyer, Acies Capital Group in this transaction.