Apple Store at North and Clybourn to get New Landlord

December 23, 2009

Daily Real Estate Updates

sudler-sothebys-logo23 December 2009 ? As we anticipate the opening of the new Apple Store on the corner of North and Clybourn, the builder, Cupertino, are putting the property up for sale. But don?t be alarmed ? Apple is merely a tenant (with a 10-year ground lease) and are able to pay their part of the rent. The current owners are asking around $10,000,000 for this land, and with an annual base rent of $725,000 from Apple (for the first ten years), the new owner is looking at a capitalization rate of 7.25% – a respectable number in this current economy.

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About Catherine Brennan

Catherine Brennan is a seasoned real estate agent with over six years experience in closing hundreds of transactions and developing a network of satisfied clients. Because she values customer service above all else, she teamed-up with Nancy Gaspadarek to create the G and B Real Estate Team. Catherine has lived in the city of Chicago since 1990. She is a member of the Lakeview Chamber of Commerce, a volunteer for the Friends of Blaine and Umoja which both focus on enhancing child education. She enjoys investing in real estate and golfing when she can. You can visit Catherine's web site or reach her directly at 312.613.8022 or catherine@gandbteam.com

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