Interra director Paul Waterloo represented the private local buyer, which will assume an existing lease that has seven years remaining. Colin O’Malley, also a director at Interra, represented the private seller, a family trust that has owned the asset for more than 50 years.

“The Skokie Boulevard property offered excellent visibility and an existing net lease with a creditworthy tenant, both of which enhanced its marketability,” said O’Malley. “As this transaction demonstrates, 1031 exchanges are often a gateway to single-tenant net lease retail investments. The assets are less management-intensive than other property types. They also offer the stable, predictable cash flow many investors seek.”

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