Hyman said he could not disclose any information regarding the new owner except that it was a corporation based in Chicago. The seller was reportedly Tax Strategies Group. Tax Strategies Group purchased the CarMax in July 2006, according to a report on shopping center sales activity by CB Richard Ellis.
The buyer purchased the property as part of a 1031 tax free exchange, Hyman says. The seller "had bought a portfolio of these and, this was such a prime location, he felt he could make a premium on it," he says. The 19,207-sf CarMax is located on a 5.4 acre site near the Edens Expressway. The Glencoe CarMax has been open for approximately three years, Hyman says. CarMax has a 15-year net lease for the property with approximately 14 years left on the lease after a sale lease-back. Hyman would not disclose a lease rate.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
