Jewel-Osco seems to be the hot grocery store brand for investors right now. The Boulder Group, a Wilmette, Illinois-based firm, recently completed the sale of a single-tenant net leased Jewel-Osco at 16625 West 159th St., in suburban Lockport, for $13M. It wasn’t the first Jewel-Osco sold by Boulder this year.
The company also just completed the sale of one at 1660 Larking Ave. in Elgin for $14.8M. In addition, earlier this year, RREEF Property Trust, the daily net asset value REIT of Germany’s DWS Group, acquired Elston Plaza, a Jewel-Osco-anchored property at the intersection of Addison, Elston and Kedzie avenues.
“The market for stand-alone grocery properties remains active due to their built-in customer base,” The Boulder Group President Randy Blankstein said. The Lockport building has 67K SF and sits on a 10.3-acre parcel along the town’s primary thoroughfare. Blankstein and Boulder partner Jimmy Goodman represented the seller, a private investment company, in the transaction. The buyer is a private investor in a 1031 exchange.
More info at Bisnow:
Jewel-Oscos Continue To Draw Buyers