Net Leased JOANN Sale Arranged Date March 10, 2022
The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased JOANN Fabric’s property located at 1701 East Empire Street in Bloomington, Illinois for $4,087,200.
The 21,828 square foot net leased JOANN Fabric’s building benefits from its location along North Veterans Parkway (43,180 VPD) and East Empire Street. The area is a major retail destination with tenants such as Lowe’s Home Improvement, Kohl’s, Bath & Body Works, Foot Locker, Old Navy, rue21, Dick’s Sporting Goods, and DSW. Other tenants in the area include OSF Saint Joseph Medical Center and State Farm Insurance Corporate headquarters. There are 129,843 people living within five miles of the property earning an average annual household income of $85,912.
JOANN Fabric and Craft Stores was founded in 1943 as a single retail store. Today, JOANN is the nation’s leading fabric and craft specialty retailer. JOANN’s retail stores and website feature a variety of competitively priced merchandise used in sewing, crafting and home decorating projects, including fabric, notions, crafts, frames, paper crafting supplies, artificial floral, finished seasonal and home decor items. JOANN operates approximately 850 stores in 49 states.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both sides in the transaction. The seller was a Midwest based real estate firm and the buyer was a national real estate company.
“This property’s direct position within the regional trade are made it an attractive acquisition” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “The tenant has demonstrated commitment to the area by leaving in-line shop space to become a single tenant asset.”
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 2012-2021, 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