Charles, IL April 21, 2020 Kevin Matthews and Troy Meyer are pleased to announce the sale of 3090 West Main Street in St. Charles, Illinois. This single-tenant net-leased investment is occupied by Learning Care Group on a long-term lease. The 11,949 sq. ft. of building sold for $6,060,829.
Kevin Matthews and Troy Meyer with SVN | Denver Commercial represented the Buyer, A2M Family LLC and A&S Realty Investment, LLC. Marcus & Millichap represented the Seller, St. Charles IL LLC.
“This was the 3 rd transaction we have closed with the buyers in the last 3 months, which nearly completes their 8-property, 1031 upleg, they have one set to close next week” noted Troy Meyer, “Obviously the timing with everything going on in the world has made for a difficult exchange, but fortunately their strategy has been to acquire everything with cash so they have not been subject to the volatility of the financing market. I believe this transaction was a win for all sides, including the tenant, who is getting a landlord that is very invested in their success.”
The property, located in an affluent, growing area, has over 13 years remaining on the NNN lease, with future rent increases. Even though the tenant was temporarily shut down during the closing period, Troy and Kevin helped negotiate a rent package for their client out of California, which incentivized them to proceed to closing.