Chicago Single Tenant Restaurant Property Sale Arranged Date February 19, 2020
The Boulder Group, a net leased investment brokerage firm, has completed the sale of single tenant Capri Sogno restaurant property located at 24102 Lockport St in Plainfield, Illinois for $952,500.
The 6,069 square foot building is located immediately off US 66 (39,600 VPD), a primary north-south thoroughfare, and along Lockport Street (12,310 VPD). Retailers in the immediate area include BMO Harris, Starbucks, 7-Eleven, Walgreens and Heartland Bank and Trust Company. The property is also in close proximity to Plainfield Central High School which has over 2,000 students and drives continually traffic to the trade corridor. There are 154,593 people living within five miles of the property with an average household income of $107,313.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller is a Chicago based private investor and the buyer is a local private investor.
“E-commerce resistant retailers including tenants in the restaurant sector continue to be in high demand amongst investors” said Jimmy Goodman, Partner of The Boulder Group. Randy Blankstein, President of The Boulder Group, added, “Single tenant restaurant properties continue to garner significant interest amongst private investors, especially for assets priced below a million dollars.”
Capri Sogno recently exercised their first renewal option, which demonstrates their commitment to the location. There are four years remaining on the lease and one 5-year renewal option with a 10% rental escalation. The Village of Plainfield is one of the fastest growing suburbs in the Chicagoland area and is situated in one of the fastest growing counties in Illinois – Will County. Downtown Plainfield is a vibrant, pedestrian-focused destination for shopping, dining, and entertainment. The dramatic streetscape enhancement and road reconstruction, completed in 2009, created raised intersections, mid-block pedestrian crossings, and wide sidewalks to establish a comfortable environment for pedestrians to shop and enjoy the backdrop of many of the beautifully restored historic buildings. The expanded sidewalks provide room for restaurants to offer al fresco outdoor dining. Decorative signage and extensive landscaping complement the historic architecture and contribute to Downtown Plainfield’s distinctive sense of place. In 2013, the Village was honored that the Downtown Plainfield was named to the National Register of Historic Places. Plainfield is only the 15th community in Illinois to receive such a designation for its downtown area.
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 $6 billion of single tenant net lease real estate transactions. From 2012-2019, 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