CBRE Completes 1031 Exchange For 10,000-Sq.-Ft. Retail Site in Champaign, Ill.
SADDLE BROOK, N.J. (SEPTEMBER 27, 2012) –CBRE, New Jersey’s largest commercial real estate brokerage firm, announced the firm recently completed a 1031 exchange of a fully occupied, approximately 10,000-sq.-ft.-new retail site located at 1902 North Prospect Ave. in Champaign, Ill.
Working with the seller’s broker in Illinois, Elli Klapper, of the NY Investment Properties team, and Charles Berger, of the NJ Private Capital Group (PCG), completed the transaction on behalf of an undisclosed buyer. The price for the property, which is occupied by AT&T and Aspen Dental, was $4.25 million. Aspen Dental recently signed a 10-year lease that has three, five-year renewal options for 3,205 square feet. AT&T recently signed a 10-year lease with two, five-year renewal option periods on 6,543 square feet.
Located on a 1.18-acre tract of land in a dense retail corridor, the property is an out parcel to Lowe’s Home Improvement and next to the Market Place Mall. It is at the intersection of Interstate 74 and North Prospect Avenue. Other national retailers in the immediate area include Target, Best Buy, Staples, Michael’s, Kohl’s, Walmart, Meijer, Dick’s Sporting Goods, and Ashley Furniture, among others.
“We were approached by our client with a limited window of opportunity to identify suitable replacement properties for their 1031 exchange,” stated Mr. Klapper. “We quickly identified several intriguing properties which met our client’s specific criteria and were able to negotiate the most advantageous deal.”
“This is a long-term hold for investment purposes,” added Mr. Berger. “The intersection receives incredibly high daily traffic counts and the site has a stable tenancy with expected rental increases as well as a visible location in a well-known, Big Ten college town.”
CBRE’s Private Capital Group is part of the Capital Markets team and provides services to private real estate investors’ highly specialized investment requirements. With over 85 teams specializing in and dedicated to more than 54 markets across the United States, the Private Capital Group represents private investors in marketing and trading assets uniquely suited to the private capital arena. The group offers acquisition and disposition services, asset review and financial analysis and investment strategy development and due diligence support.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.