Northbrook, IL – August 14, 2015 – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant OfficeMax property located at 200 Riverside Drive in East Peoria, IL for $2,800,000.
The 1.86 acre OfficeMax property is centrally located within Peoria’s primary retail area that is anchored by Bass Pro Shops, Walmart Supercenter, Lowe’s, Costco, Target, Kohl’s and Gordmans. The OfficeMax is strategically located along Interstate 74, which experiences traffic counts in excess of 60,000 vehicles per day. There are over 125,000 people living within five miles of the subject property.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based family partnership. The purchaser was a Northeast based high net worth individual.
There are over eight years remaining on the recently extended OfficeMax lease which expires in October 2023. The lease features two 5-year renewal option periods with rental escalations in each.
“Net lease properties with residual real estate value are highly sought after amongst the investment community” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Investors are particularly attracted to properties where the tenant has a long operating history at a particular location.”
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 2.4 billion of single tenant net lease real estate transactions. From 2010-2014, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
The Boulder Group