Peter L. Block, executive vice president, and Eric Suffoletto, senior associate, both with Colliers International’s Chicago-based Investment Services Group, represented Barron Development LLC and a joint venture partner in the sale of the Crème de la Crème ground lease at 2230 N. Dominick Street in Lincoln Park.
“The Crème de la Crème Lincoln Park ground lease represented a unique and highly attractive investment opportunity featuring a prime urban location, true NNN investment, desirability of ground lease, and strength of the location relative to the market it serves,” said Block. “This combination drove pricing beyond other assets in its peer group such as day care properties and high-quality single tenant “designer” schools located across the country,” he added.
The $4,680,000 sale transaction closed at a market leading capitalization rate for this tenant and/or product type. The buyer was Spirit Capital.
