Net Leased 7-Eleven Sold

The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant 7- Eleven located at 1610 Walnut Avenue in Hanover Park, IL, for $885,000.

The 2,542-square-foot property is strategically positioned just west of Barrington Road (28,500 VPD) and 1 mile from the Elgin-O’Hare Tollway (69,000 VPD). The property is located in a densely populated and affluent area, with a population exceeding 268,000 within a 5-mile radius and an average household income of $119,836. Nearby retailers include Walmart, Menards, Harbor Freight Tools, LA Fitness, Tony’s Fresh Market, McDonald’s, Starbucks, and Bank of America.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The buyer is a local private investor and the seller is a Chicago-based full-service real estate development and management company.

The tenant has operated at the property since 1999 and recently signed a new ten-year lease extension through December 2034. The NNN lease features 10% rent increases every 5 years and two 5-year renewal options. 7-Eleven is an investment grade rated company with a Standard & Poor’s rating of A.

“Properties with low rent and recent lease extensions to investment grade tenants with rental escalations are the most sought-after net lease product” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman of The Boulder Group, added, “The market for net leased C-stores remains active.”

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