Adelphia Properties Arranges Sale of Joe’s Crab Shack Property for $4.2 Million

Schaumburg, Ill. – The transaction went under contract in fewer than 30 days.

Schaumburg, Ill. – Adelphia Properties has sold a triple-net lease, single-tenant Joe’s Crab Shack restaurant, located in Schaumburg, for $4.2 million. The property sold at a 6.5 percent cap rate. Joe’s Crab Shack is the sole occupant of the 7,500-square-foot freestanding building, which was developed in 1994. George Spirrison and Simeon Spirrison represented the seller, a private group.

   — Scott Reid