Interra Realty, a Chicago-based commercial real estate investment services firm, brokered the sale of a Firestone Complete Auto Care at 8801 Skokie Boulevard in Skokie, Illinois, for $3.7 million through a 1031 exchange.
Interra director Paul Waterloo represented the private local buyer, which will assume an existing lease that has seven years remaining. Colin O’Malley, also a director at Interra, represented the private seller, a family trust that has owned the asset for more than 50 years.
“The Skokie Boulevard property offered excellent visibility and an existing net lease with a creditworthy tenant, both of which enhanced its marketability,” said O’Malley. “As this transaction demonstrates, 1031 exchanges are often a gateway to single-tenant net lease retail investments. The assets are less management-intensive than other property types. They also offer the stable, predictable cash flow many investors seek.”
Located at the northeast corner of Skokie Boulevard and Dempster Street, the property has been leased to Firestone throughout the duration of the trust’s ownership. Built in 1950, it features nine bays and 18 drive-in doors for service, as well as a parking lot.