1703-1847 Freedom Dr., Naperville, IL
- Property Type: Retail
- Size: 81,760 SF
- Date Closed: 09/1/2016
• The assets were roughly 60% of a larger, non-traditional shopping center (not grocery or big-box anchored)
• Anchored by four high-end restaurants which were also ground leases
• The sale consisted of four in-line retail buildings and four free-standing buildings on ground leases
• The expenses governing multiple buildings on the site, along with other neighboring properties created a complex management issue
• It was a unique deal with some unknown retailers paying high rents
• We took a targeted, hands on approach to marketing the asset by identifying buyers of similar assets.
• We thoroughly underwrote the deal to simplify the complicated REA and expense sharing structure, allowing buyers to more easily understand the operation of the property.
• Turned the uniqueness of the deal into a positive by focusing on the quality of the asset and strong tenant performance of these tenants along with resilience of these occupants to e-commerce
• Generated multiple offers leading to a competitive bidding situation
• We were able to guide all parties through the complexities of the REA, use restrictions, payments and other intricacies of the deal
• Achieved pricing for ownership with a buyer who could understand the uniqueness of the deal and provide a high-probability of closing