(Northbrook, IL- August 30, 2017) – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Fresenius Medical Care property located at 3500 W Grand Avenue in Chicago, Illinois for $8,237,000.
The Fresenius property is conveniently located just off the trafficked intersection of Grand Avenue and Division Street on the Northwest Side of Chicago in the Humboldt Park neighborhood. The building has great visibility along Grand Avenue, a popular thoroughfare in Chicago. The surrounding area is densely concentrated with commercial buildings and residential homes providing for significant barriers to entry. There are over 58,000 people living within a one mile radius of the property. Unlike many other states, Fresenius was required to obtain a Certificate of Need from the State of Illinois in order to open and operate this facility.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the seller and purchaser in the transaction. The seller was a Midwest based real estate development company and the purchaser was a Midwest based real estate investor.
The newly signed Fresenius lease is for 15 years and features rare 2% annual rental escalations throughout the primary term and three 5-year renewal option periods. Fresenius Medical Care provides renal services to hundreds of thousands of people through their 2,200+ dialysis facilities. Fresenius is an investment grade rated company with a Standard & Poor’s rating of BBB-.
“Medical related properties featuring long term leases with multiple rental escalations continue to be highly sought after amongst the investor community as they provide an inflationary hedge” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “We are seeing many investors turn their attention to medical properties as they are highly resistant to e-commerce.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $4 billion of single tenant net lease real estate transactions. From 2011-2016, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
The Boulder Group