California buyer snaps up two-tenant Palatine retail property for $3.1 million

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RE Journals

Hanley Investment Group Real Estate Advisors and Greenstone Partners brokered the sale of a new-construction, two-tenant, retail pad building occupied by an Aspen Dental-branded practice and T-Mobile in Chicago’s desirable northwestern suburb of Palatine, Illinois. The sale price was $3,130,000.

Hanley executive vice presidents Jeff Lefko and Bill Asher, along with Greenstone managing partners Greg Dietz and Danny Spitz, represented the seller, a Chicago-based real estate investment and development firm. The buyer, a private investor from San Jose, California, was represented by RML Management, Inc. of Santa Clara, California.

Located at 960-968 E. Dundee Road in Palatine, the two-tenant property is prominently positioned at the high-visibility intersection of Dundee and Rand roads with nearly 55,000 vehicles per day. The 5,250-square-foot building, which was completed in 2019, is situated on 0.67 acres in a thriving and mature commercial corridor with national retailers including Walmart, Home Depot, Target, TJ Maxx, HomeGoods, Petco, Aldi, Jewel-Osco and more. Aspen Dental occupies 3,500 square feet and T-Mobile occupies 1,750 square feet. Both tenants have long-term, triple-net leases with 10 percent increases every five years.

“We generated multiple competitive and qualified offers immediately after bringing the property to the market,” said Lefko. “Investors were attracted to the quality of the tenants, long-term leases and the newly minted, triple-net leases.”