Net Leased OSF Urgent Care Sale Arranged Date January 6, 2021
The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant net leased OSF Urgent Care located at 853 W. Jackson Plaza in Morton, Illinois for $2,137,655.
The 3,264 square foot net leased OSF building is strategically positioned off of Interstate 74 (23,800 VPD). This property is one of two urgent care centers located within Morton, Illinois, both of which are OSF Healthcare facilities. The OSF Healthcare property is ideally located in a corridor mixed with retail and industrial. Those properties include Walmart, Kroger, CVS, Starbucks, Casey’s, Nestle, and Caterpillar which employs over 2,500 people. Morton is located approximately 30 miles west of Bloomington, Illinois and 160 miles southwest of Chicago.
Randy Blankstein and John Feeney of The Boulder Group represented the seller in the transaction. The seller was an Midwest based developer and the buyer was a Northeast based real estate fund.
The new 10-year lease expires on April 1, 2030 and features three 5-year renewal options. The lease escalates 10% every 5 years in the primary lease term and in each option. OSF Healthcare System, an investment grade rated company (Moody’s: A3) guarantees the lease. OSF HealthCare employs nearly 21,500 Mission Partners in 135 locations. OSF’s total revenue in 2019 was $3 Billion.
“New construction properties with long term leases to investment grade tenants with rental escalations are the most sought-after net lease properties,” said Randy Blankstein, President of The Boulder Group. John Feeney of The Boulder Group, added, “The market for healthcare related assets remains active as they offer a stable investment at attractive yields.”
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.comBack