(Wilmette, IL- January 22, 2019) – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased Jewel-Osco property located at 1660 Larking Ave, Elgin, Illinois for $14,800,000.
The 69,129 square foot building was remodeled in 2009. The store has above average store sales and has approximately 19 years remaining on the lease. The property is also near Presence Saint Joseph Hospital. There are over 173,569 people living within a five mile radius of the property with average annual household incomes of $92,126 per year.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the buyer and seller in the transaction. The seller is a private real estate investment company based in the southwest. The buyer is a Los Angeles based real estate firm in a 1031 exchange.
“The market for standalone grocery properties remains active due to their built-in customer base,” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Investors pay a premium for twenty year net leased assets which are in limited supply.”
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 $5 billion of single tenant net lease real estate transactions. From 2012-2018, 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