January 19, 2024 – Mark Heidecke of Horvath & Tremblay has successfully completed the sale of Moge Tee in Evanston, Illinois. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $470,000.
Moge Tee is located at 1590 Sherman Avenue in Evanston, Illinois. The single tenant Möge Tee consists of a 925 square foot condominium unit and is part of Optima Towers, which is improved by 105 residential condominiums and 8,000 square feet of street-level retail. Möge Tee has 9+ years remaining on their Triple Net (NNN) Lease with two (2), five-year renewal options. The lease calls for attractive 2.5% annual increases in rent throughout the base term and renewal options. Located in downtown Evanston, Optima Towers’ prime location, adjacent to Downtown Evanston Plaza Park and Fountain Square Park, offers walkability from nearby transportation, shopping, dining, and Northwestern University. The Property is extremely well located at the signalized intersection of Davis Street and Sherman Avenue in the heart of Downtown Evanston and is surrounded by densely populated residential complexes and neighborhoods, providing a built-in customer base. The Property is less than 1-mile from the world-renowned Northwestern University, which has a combined student and staff population of over 25,000. The Property is also just 1.7 miles from the Evanston Hospital and AMITA Health St Francis Hospital, which is a Level-1 Trauma and Heart Center with 216 general acute care beds.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.