23 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.Email This Post To a Friend.
Apple Store at North and Clybourn to get New Landlord
December 23, 2009
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