NEW JERSEY—CBRE recently completed a 1031 exchange of a fully occupied, approximately 10,000-sq.-ft.-new retail site located at 1902 North Prospect Ave. in Champaign, Ill. The price for the property, which is occupied by AT&T and Aspen Dental, was $4.25 million.
Working with the seller’s broker in Illinois, Charles Berger, of CBRE’s N.J. private capital group and Elli Klapper, of the N.Y.properties team, completed the transaction on behalf of an undisclosed buyer.
Located on a 1.18-acre tract of land in a retail corridor, the property is an out parcel to Lowe’s Home Improvement and next to the Market Place Mall. Located at the intersection of Interstate 74 and North Prospect Avenue, the property is in close proximity to other national retailers including Target, Best Buy, Kohl’s and Ashley Furniture, among others.
“This is a long-term hold forpurposes,” said Berger. “The intersection receives incredibly high daily traffic counts and the site has a stable tenancy with expected rental increases as well as a visible location in a well-known, Big Ten college town.”