Net Lease Harbor Freight Tools Sale Arranged Date January 28, 2020
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a net lease Harbor Freight Tools property located at 3550 Grand Ave in Gurnee, Illinois for $1,450,000.
The 20,574 square foot net lease Harbor Freight property is located along Grand Ave (15,300 VPD), a primary east-west thoroughfare, and is immediately west of Highway 41 (37,900 VPD). Retailers in the trade corridor include Jewel-Osco, TCF Bank, Walgreens, Fifth Third Bank, Starbucks and McDonald’s. Gurnee is best known for being the location of Six Flags Great America and Gurnee Mills, together drawing over 26 million visitors annually. There are 175,297 people living within five miles of the property earning an average household income of $81,374.
The property was renovated in 2018. There are approximately 9 years remaining on the lease with 7.5% rental escalations every five years and two 5-year renewal options. Harbor Freight Tools is paying a low rent of $6.25 PSF.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer and seller in the transaction. The buyer was a west coast based real estate fund and the seller was a Midwest based private investor.
“Investors seeking higher yields are trying to buy shorter term leased properties with quality real estate fundamentals” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Properties in retail trade areas continue to garner significant interest amongst private investors.”
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.com