STREAM Arranges $7.8 Million Sale of Two-Property Industrial Net Leased Portfolio
CHICAGO, IL – February 3, 2020 – STREAM Capital Partners, LLC (“STREAM”), a national net lease and sale-leaseback advisory group, recently arranged the sale of a two-property industrial portfolio in Lombard, Illinois. The two properties total 79,830 square feet and are located in an industrial park. Both properties are on long-term leases to Skyline TradeTec, a business focused on creating and implementing display solutions for the fast-growing trade show business.
The sale of the properties, owned by a former owner of Skyline TradeTec, Ken Buckman, was completed almost immediately following the sale of the business. The buyer is a private group based in New York City. Mr. Buckman owned the properties through his real estate venture, Rainy Investments, which will continue to looking for opportunities to acquire real estate.
The transaction was led by STREAM Managing Principal, Jonathan Wolfe, Senior Vice President, Jeffrey Lizzo and Vice President, Daniel Macks. Wolfe said about the sale that “we feel very good to get this transaction done for Ken. He recently sold his business and the sale of the building was kind of the last piece for him. Additionally, the buyer, a private group based in New York City, gets two very nice industrial properties on long-term leases to a strong credit tenant, in Lombard, Illinois, which is a very strong industrial market in DuPage County.”
Lizzo said of the transaction that, “Many buyers expressed interest in owning this portfolio due to the location and strong credit quality of the tenant. But it was kind of a unique deal. It is a double net lease. The buildings have solar panels. So, there are some wrinkles to the property and the lease. But we all worked hard to get over these challenges to get the deal done.”
Macks added that “the overall single tenant industrial market remains very strong and private and institutional buyers continue to maintain their strong appetite for single tenant net leased industrial properties.”