Retail Property in Sugar Grove, Illinois Sells for $6.6 Million
A retail property located at 376 N State Route 47 in Sugar Grove, Illinois has been sold for $6.6 million.
In a recent deal, a retail property located at 376 N State Route 47 in Sugar Grove, Illinois has been sold for $6.6 million. The buyer and seller have chosen to remain undisclosed, but the property was listed by Stan Johnson Company and Hanley Investment Group - Real Estate Advisors.
The property, with a total area of 14,739 square feet, was sold at a price per square foot of $447. It is situated in a prime location along State Route 47, a major thoroughfare in Sugar Grove. The retail property is part of a larger commercial development and benefits from high visibility and easy access.
The asset type of the property is retail, making it an attractive investment opportunity. Retail properties have been in high demand in recent years, as consumer spending continues to rise and the economy remains strong. The property’s location along a busy road further enhances its appeal, as it is likely to attract a steady flow of customers.
The buyer’s identity has not been disclosed, but their purchase of this retail property suggests a bullish outlook on the retail sector. Despite the challenges faced by brick-and-mortar stores in the age of e-commerce, well-located retail properties can still be profitable investments. The buyer may have recognized the potential of this property to generate steady rental income and capital appreciation.
On the other hand, the seller, a private investor, has likely decided to cash out on their investment. The $6.6 million sale price represents a significant return on their initial investment, assuming they acquired the property at a lower price. The seller may have chosen to sell now to take advantage of the strong demand for retail properties and capitalize on their gains.
The brokers involved in the deal, Stan Johnson Company and Hanley Investment Group - Real Estate Advisors, have a strong track record in the commercial real estate market. Stan Johnson Company specializes in net lease properties, while Hanley Investment Group focuses on retail properties. Their expertise and network likely played a crucial role in facilitating the transaction.
Overall, the sale of this retail property in Sugar Grove, Illinois for $6.6 million highlights the continued demand for well-located retail properties. The buyer’s bullish outlook on the retail sector and the seller’s decision to cash out on their investment demonstrate the opportunities and potential returns available in the commercial real estate market. With the involvement of experienced brokers, this deal showcases the importance of expertise and market knowledge in successfully closing transactions.