Stan Johnson Company Brokers Sale of Andy's Frozen Custard Near Chicago, Illinois For Record Price and Cap Rate

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.

 

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About Stan Johnson Company:

Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses on investment sales transactions involving retail, office, industrial, healthcare, and specialty properties. The firm and its affiliates provide acquisition, disposition, sale leaseback, capital markets, and advisory services for institutions, developers, investment funds, corporate occupiers, and private investors across the United States. With a historic focus in the single-tenant net lease sector, Stan Johnson Company is now in its fourth decade of operation and has expanded its service platform in order to better serve its valued clients. The firm has completed more than $40 billion in transactions nationwide and continues to be regarded as the Net Lease Authority® as it focuses on continued growth and expansion into other industry sectors and services.