Essex Realty Group Brokers the Sale of a Walgreens in Aurora, IL
July 13, 2018 01:51 PM
The subject property is a single tenant retail property located at the corner of Farnsworth Ave. and Indian Trail Rd. The building is currently leased to Walgreens and is one of their top performing stores in the area. The lease is NNN with no landlord responsibilities and has approximately 12.5 years left on the initial term.
Steven Livaditis and Joe Scheck represented the buyer, CIMA Investors LLC, in the transaction. Livaditis and Scheck represented the same group in the sale of their 31 unit courtyard apartment building in Andersonville back in March of 2018. Given their clients investment horizon, Livaditis and Scheck were able to successfully move their clients equity position into a less management intensive property while deferring their capital gains tax liability through a 1031 exchange.
The sale price was approximately $7,525,000.
Steve Livaditis and Joe Scheck were the brokers on the transaction.