Northbrook, IL- March 29, 2017 – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of Archer Station, a fully leased four tenant shopping center located at 2620-2640 W Pershing Road in Chicago, Illinois for $24,312,811. The property is fully leased to LA Fitness, Ross Dress for Less, AT&T Wireless and Athletico Physical Therapy in a densely populated urban in-fill location with significant barriers to entry.
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Archer Station is strategically located at the signalized intersection of Archer Avenue and Pershing Road. The surrounding area is densely concentrated with commercial and residential buildings providing for significant barriers to entry. The property is benefitted by its proximity to Interstate 55 which is located approximately one-half mile north of the property. The 35th & Archer CTA Orange Line “L” Station is located blocks from the property and links residents in the surrounding area to downtown. The center is a green development and includes features such as permeable pavers in the parking lots as well as all of the buildings having been built to a higher energy efficiency level.
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 an institutional investor.
The original 15 year LA Fitness lease expires in February 2031. The lease features 10% rental escalations every five years throughout the primary term and in each of the four 5-year renewal option periods. The 10 year Ross Dress for Less lease commenced December 2016. The lease features a 10% rental escalation in the sixth lease year and escalations in each of the four 5-year renewal option periods. AT&T executed a new 7 year lease that features a 10% rental escalation in the sixth lease year. Athletico executed a new 7 year lease with a 5.9% rental escalation in the fifth lease year and annual escalations in each two 5-year renewal option periods.
“The property’s superior infill location within a core market and renal escalations resulting in high demand for this investment opportunity” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “This property provided the investor with the unique opportunity to acquire a core shopping center that is tenanted by well-known retailers.”
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
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