SRS Real Estate Partners’ National Net Lease Group (NNLG) recently completed the sale of a single-tenant retail property occupied by Wendy’s for $3.035 million. The 4,031-square-foot property is located at 2811 N. Narragansett Ave in Chicago and was built in 1983 with renovations taking place in 2022 on 0.63 acres of land.
The site is situated next to The Brickyard, a 549,000-square foot center and Bricktown Square – a high traffic 291,000 square foot retail space – making it an ideal location for businesses looking to capitalize on the bustling Belmont Central neighborhood’s 908K residents and 244K employees within five miles radius from the site itself .
SRS NNLG Senior Vice Presidents Sean Lutz & Dan Elliot represented the seller – California based private investor – while Bruce Lee & Hope Kim from New Star Realty handled negotiations for all cash buyer also based out of California with closing cap rate set at 5.27% translating into $753 price per square foot .
