Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant retail asset located at 415 Roosevelt Road in Glen Ellyn, Illinois. The 1,255-square-foot property is leased to Andy’s Frozen Custard under a long-term net lease. Mack Wolfgram, Tom Fritz, Brandon Duff, and Matt Spangenberg of Stan Johnson Company exclusively represented Illinois-based LM Commercial Real Estate in the disposition. The asset was purchased by a private New York-based 1031 exchange investor.
“We ran an aggressive process with emphasis on attracting a national buyer pool to the asset and ultimately received 23 offers,” said Wolfgram, Associate in Stan Johnson Company’s Chicago, Illinois office. “With a closing price of $2.65 million and a cap rate of 6.23 percent, the sale represents the highest closing price point for an Andy’s nationwide, as well as the lowest cap rate for an Andy’s in the Midwest.”
The restaurant was built in 2019 on 0.75 acres and is in close proximity to downtown Chicago. Andy’s Frozen Custard is a quickly growing concept with approximately 80 stores nationwide. The chain has more than doubled in size over the past three years and continues to expand their footprint. This location on Roosevelt Road is on one of the most attractive thoroughfares in Chicago’s suburbs with dense retail and high traffic counts.
“This asset checked a lot of boxes for investors,” added Wolfgram, noting the 20-year absolute triple net lease, impressive demographics, rent escalations, and corporate credit.
