(Northbrook, IL- April 9, 2018) – (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 9924 South Vincennes Avenue in Chicago, Illinois for $4,377,898.
The Fresenius property is conveniently located just off the intersection of South Vincennes Avenue and West 99th Street in the Washington Heights neighborhood of Chicago. The property has excellent visibility along South Vincennes Avenue, the primary thoroughfare in the area. The property also has frontage along Interstate 57 with access less than one-mile from the property. Interstate 57 experiences traffic counts in excess of 129,400 vehicles per day. The surrounding area is densely concentrated with multiple residential communities, local businesses and schools providing for significant barriers to entry. Less than one-mile from the property is The Renaissance at Beverly Ridge, one of the largest new single-family home developments in Chicago. The Renaissance at Beverly Ridge is a development of 123 single family homes and 50 luxury town homes. Additionally, an Advocate Medical Group clinic is located less than one-mile from the location. Advocate Medical Group, part of the largest health system in Illinois, provides primary care, specialty services, medical imaging and other outpatient services at the location. There are over 228,270 people living within a one mile radius of the property.
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Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based Real Estate Development Company. The buyer was a West Coast based real estate investment firm.
The newly signed Fresenius lease is for 15 years and features 10% rental escalations every five years 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 toward 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 2012-2017, 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