Net Leased Illinois Cannabis Dispensary Sold

The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant Altius located at 506 South Schmale Road in Carol Stream, Illinois for $2,130,000.

The 4,500 square-foot building benefits from its position along South Schmale Road which experiences 23,800 VPD. The asset is located across from the area’s major retail anchor, The Home Depot. The property is close to two major thoroughfares: North Avenue (57,300 VPD) and Interstate 355 (121,400 VPD). Additionally, there are many neighboring retailers such as: Jewel-Osco, AutoZone, Chase Bank, McDonald’s, Starbucks, ALDI, Goodwill, Wendy’s, US Bank, Belle Tire, and several others. This affluent area has an average household income exceeding $148,000 within a five-mile radius, and a population of over 255,000 people in the same area.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller was a local developer, and the buyer was a private investor from Illinois.

The investment features a new 12-year, NNN lease. It also contains significant 3% annual rental escalations. Altius Dispensary is a well-established cannabis dispensary known for providing a wide range of high-quality cannabis products. Located in a prime area, Altius Dispensary offers a variety of products including flowers, edibles, concentrates, tinctures, and topicals, catering to both medicinal and recreational users.

“The property’s location directly across from The Home Depot and Jewel-Osco enhances its strong fundamentals.” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman of The Boulder Group, added, “The tenant’s extensive investment in property renovations instilled confidence in buyers.”

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