Triple Net Lease Jewel Sale Arranged Date March 19, 2020
The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant triple net lease Jewel-Osco property located at 20 S Weber Rd, Romeoville, Illinois for $18,600,000.
The 67,507 square foot triple net lease Jewel building sits on a 7.56 acre parcel along the primary thoroughfare of Romeoville, Illinois. There are approximately 140,000 people living within a five mile radius of the property with average annual household income of $93,903 per year The Jewel-Osco property is located near other retailers including Walmart, Blain’s Farm & Fleet, Chase, TJMaxx, AT&T, Fifth Third Bank, Kohl’s, Bank of America and ALDI. Additionally, the property is located in close proximity to Romeoville High School (1,890 students) and Lewis University (6,800 students) which drives continual traffic to the corridor. The property is also located near numerous large logistics and distribution centers including Home Depot Distribution Center, PACTIV, FedEx and Neovia Logistics. The property was recently renovated in 2016 and features a drive-thru pharmacy.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller is a private real estate investment company based in the southwest. The buyer is a private investor in a 1031 exchange based on the west coast.
“The market for standalone grocery properties remains active due to their built-in customer base,” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Investors pay a premium for long term net leased assets which are in limited supply.”
The property is strategically located along a primary north-south thoroughfare (27,200 VPD). Jewel-Osco is committed to this location as evidenced by their long operating history at this location (since 2002) and recently executed 20 year lease which expires June 30, 2039. The lease is enhanced by a guaranty from Albertsons Companies, Inc. and features low rent per square foot ($15.50), rental escalations and eight 5-year renewal option periods. This is a high performing location with above average sales per square foot. Jewel-Osco is a supermarket chain with more than 187 stores throughout the Chicagoland area, Indiana and Iowa. Jewel-Osco is a wholly owned subsidiary of Albertsons Companies, Inc., the second largest traditional grocer in the United States.
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 2012-2018, 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