Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a retail property located at 3925-3927 North Cicero Avenue in Chicago, Illinois. The two-story, 83,652-square-foot property is leased to Ross Dress For Less and its affiliate brand dd’s Discounts. Both retailers operate under a single master lease with a long-term net lease structure. Northmarq’s Mike Sladich represented the seller, an Illinois-based institutional investor. A California-based REIT acquired the asset which was listed for sale at approximately $13.7 million.
“This property was a unique, trophy asset in the heart of Chicago that drew significant interest from institutional and individual investors looking for secure cash flow and long-term residual value,” said Sladich, Regional Director and Partner in Northmarq’s Atlanta, Georgia office. “Core real estate properties such as this Ross store are excellent examples of the security found in well located net lease assets that will continue to appreciate in value in an uncertain market.”
The property features ground level and sub-surface level retail space with rooftop parking and is located just nine miles northwest of downtown Chicago. The desirable infill urban location draws from nearly half a million residents within a three-mile radius, and the site is adjacent to several large-scale mixed-use projects, including an ALDI-anchored development.
“The current zoning for the property will allow for an investor to go vertical in the future and unlock additional value similar to the massive adjacent developments,” added Sladich.