Chicago MSA Net Lease MobilityWorks Sale Arranged Date July 10, 2017
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant Chicago MSA Net Lease MobilityWorks property located at 9207 N Milwaukee Avenue in Niles, Illinois for $2,490,000.
The 13,122 square foot Chicago MSA Net Lease MobilityWorks property is located within an affluent area just north of Chicago, Illinois. The property is located at a signalized intersection along Milwaukee Avenue, a heavily trafficked north-south thoroughfare that experiences traffic counts in excess of 35,200 vehicles per day. The property is located across from Golf Mill Shopping Center, a super-regional mall with over 100 specialty shops, five department stores (JCPenney, Sears, Target, Kohl’s and Ross Dress for Less), an AMC movie theater, two grocery stores (Shop & Save Market and Gordon Food Service Store) and an XSport Fitness gym. Other surrounding retailers in the immediate area, to name a few, include Walmart, Marshalls, Ashley Furniture, Office Depot, Old Navy, AutoZone and Party City.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller and purchaser in the transaction. The seller was a Midwest based real estate investment firm. The purchaser was a private individual based in the Midwest.
The new 12 year MobilityWorks lease commenced in February 2017. The lease features a rental escalation in the eighth lease year and rental escalations in each of the two 5-year renewal option periods. MobilityWorks is a national chain of wheelchair accessible van providers – serving the disabled community with wheelchair accessible minivans, full-size vans with lifts and commercial fleet vehicles.
“The market for net lease properties in top MSAs remains active as these assets are in high demand among investors.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “While single tenant properties are selling in all types of locations; core markets, like Chicagoland, are at the forefront of investor demand.”
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