Stan Johnson Company Brokers Sale of Chicago, Illinois Velvet Taco for $5.65 Million

Chicago, Illinois Velvet Taco

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.

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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.