WashU Carwash Sells Four Chicagoland Properties To Essential Properties Realty Trust For $18.41M
8400 South Cicero Avenue, 13727 North Division Street, 780 North Addison Road & 1360 Lee Street
$18,411,962
Building Size
—
Asset Type
Retail
Closing
Apr 23, 2024
About this deal
AI
The retail property located at 8400 South Cicero Avenue, 13727 South Route 59, 780 North Addison Road, and 1360 Lee Street was sold for $18,411,962 in a transaction involving WashU Carwash selling to Peter M. Mavoides of Essential Properties Realty Trust in Burbank, Plainfield, Villa Park, and Des Plaines.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $18,411,962
- Address: 8400 South Cicero Avenue, 13727 South Route 59, 780 North Addison Road, and 1360 Lee Street
- Market: Burbank, Plainfield, Villa Park, and Des Plaines
Camille Renshaw and Scott Scurich from B+E Net Lease represented the buyer, WashU Carwash, and the seller, Peter M. Mavoides of Essential Properties Realty Trust, in the successful sale-leaseback transaction. Despite the typical Q1 slowdowns, the transaction highlights the sustained investor interest in carwash tenants within the net lease market, showcasing confidence in this specific sector.
On the Map
$18,411,962
Retail
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Players
Burbank Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.86%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93