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ALGONQUIN, IL-Chicago investors selling other assets reinvested their money ConocoPhillips gasoline stations and convenience stores in the Fox Valley. The locations were in this McHenry County suburb as well as Batavia in Kane County.
The ConocoPhillips station at 10 S. Randall Rd. in Algonquin sold for $5.2 million while a station at 108 N Batavia Ave. in Batavia traded for $3.7 million. The sale of the 3,000-sf Algonquin station was at an 8.75% capitalization rate while the 2,500-sf Batavia station sold at a 9% cap rate. In both cases, a ConocoPhillips franchisee holds a 20-year triple-net lease on the properties.
Both sales involved Section 1031 Exchanges. In the Batavia deal, the Chicago investor was reinvesting proceeds from the sale of a multifamily rental building.
Northbrook-based The Boulder Group brokered both deals, as well as the sale of a 2,146-sf Valvoline franchise in the Milwaukee suburb of Greenfield for $451,000. A Wisconsin investor sold a multifamily rental building and reinvested proceeds at a 7.75% cap rate.
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