Cawley Chicago’s Capital Markets team, comprised of Principal Daniel Cawley, SIOR alongside Senior Associate Brenten Blakeman, represented building owner and operator of Players Indoor Sports, an indoor athletic and entertainment facility, in a recent two-part lease and sale transaction in Naperville, IL. Located at 1740 Quincy Avenue, the 94,769 square foot multi-purpose facility opened its doors in 2009 and sits on 6.54 acres of land.
Cawley Chicago arranged a long-term, 12-year master lease to TOCA Football, Inc., a technology-enabled soccer experience and entertainment company based in Costa Mesa, CA. Cawley and Blakeman then took the property to market and sold it as an investment deal to buyer, Acies Capital Group.
“The unique aspect of this transaction involved finding a credit tenant with an operating history that matched the existing owner and user. Their reputation in this marketplace was superior and as a result profitable. The property was specifically built for soccer in the middle of the 3rd & 4th largest cities in the Chicago suburban area leading to spectacular demographics for its clientele. Once the 12-year lease was secured with a national tenant, the valuation was simple and the investors then needed to determine if the asset’s cap rate fit in their portfolio,” Cawley said.
Kip Hennelly with Patrick Commercial Real Estate represented the buyer, Acies Capital Group in this transaction.
“Chicago has a strong soccer culture and we plan on continuing that rich history with our highly coveted curriculum and small ball philosophy focusing on refining players’ strengths and improving all aspects of their game,” TOCA Founder and former US national professional soccer player Eddie Lewis said.
“So many great memories and wonderful people have come through our doors over the last 13 years and I thank every one of them. I am thrilled to turn things over to TOCA for the next exciting chapter in cutting edge technology and the future of the sport,” Maxine Appenbrink, previous owner of Players Indoor, said. “I know Naperville and the surrounding area will love the new concept and community-based relationships that TOCA will bring with them.”