Net Lease Athletico Property Sale Arranged by Boulder Group Date November 28, 2016
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net lease Athletico Physical Therapy property located at 8905 South Commercial Avenue in Chicago, Illinois for $1,025,000. The Athletico Physical Therapy property is located in a densely populated area with significant barriers to entry.
The 4,535 square foot net lease Athletico Physical Therapy building is located on a corner at the intersection of South Commercial Avenue and 89th Street. The property is benefitted by its proximity to the Advocate Trinity Hospital which is located approximately one mile west. Retailers located in the immediate trade area include Walgreens, CVS, Chase Bank, Bank of America, US Bank, MB Financial Bank and McDonald’s. The surrounding area is densely populated with over 26,000 people living within a one mile radius of the property.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest real estate investment company. The purchaser was a west coast real estate investment company.
The new Athletico Physical Therapy lease is for ten years and rent is estimated to commence in October 2016. The lease features a 10% rental escalation in the primary term and in each of the two 5-year renewal option periods. Athletico Physical Therapy is in the field of physical therapy, orthopedic rehabilitation, sports medicine and athletic training. Athletico began in Chicago in 1991 and today has over 330 facilities, employs over 4,000 clinical and administrative staff, and offers more than 40 specialty rehabilitation, outreach, and fitness services.
“The market for net lease properties in major MSAs remains active as these assets are in high demand among private investors.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “We are seeing many investors turn their attention to medical related office properties as they are highly resistant to e-commerce.”
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 $3 billion of single tenant net lease real estate transactions. From 2010-2015, 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.