Net Leased Three-Tenant Property in Chicago MSA Sale Arranged Date August 25, 2017
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a fully leased three tenant property located at 701-709 E Lincoln Highway in New Lenox, Illinois for $2,050,000. The property is fully leased to AT&T Wireless, Papa John’s and Volver Cantina & Grill.
The 5,362 square foot building was constructed in 2015 and is located along East Lincoln Highway, the primary east-west thoroughfare in the trade area. The three-tenant property is strategically positioned as an out parcel to the New Lenox Town Center, a Walmart Supercenter anchored development also featuring Ross Dress For Less, TJ Maxx, Goodwill, and ALDI. Additional retailers located in the immediate trade area include Lowe’s, Target, LA Fitness, Michael’s and Walgreens.
Randy Blankstein and John Feeney of The Boulder Group represented the seller in the transaction; a West Coast based real estate investment group. The purchaser was a West Coast based real estate investor.
The AT&T Wireless store has three years remaining on their lease with two 5-year renewal option periods. Papa John’s has four years remaining on their lease with two 5-year renewal option periods. Volver Cantina & Grill recently executed a seven-year lease with one 5-year renewal option period.
“The market for net lease properties in top MSAs remains active as these assets are in high demand among private investors,” said Randy Blankstein, President of The Boulder Group. John Feeney, Vice President of The Boulder Group, added, “The purchaser was attracted to this property due to its location within a strong retail corridor.”
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.comBack