Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of 910 West Randolph Street in Chicago, Illinois. The 4,626-square-foot retail property is fully leased by fast-casual dining restaurant, Velvet Taco. Stan Johnson Company’s Isaiah Harf represented the seller, a locally based developer. The property was purchased by a 1031 exchange investor from Newport Beach, California for approximately $5.65 million reflecting a 4.16 percent cap rate.
“The asset traded before hitting the marketplace broad at a record cap rate for the tenant and area, given a stabilized, 100 percent lease in place,” said Isaiah Harf, Regional Director and Partner in Stan Johnson Company’s Chicago, Illinois office. “Due to the extremely high demand for quality net lease assets, we were able to secure a repeat buyer who wrapped their arms around the location quickly and recognized the unique opportunity to buy a management-free asset in the heart of the West Loop.”
The property, located in the Fulton Market neighborhood of Chicago on Restaurant Row, was renovated in 2021. The fast growing, Plano, Texas-based chain serving gourmet tacos operates on a long-term absolute triple net lease.
