Net Leased Springfield Clinic Sold

The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant Springfield Clinic property located at 1000 W Morton Avenue in Jacksonville, IL for $1,342,588.

The 7,000-square-foot building benefits from its location along Morton Avenue, which experiences 17,200 vehicles per day. Notable retailers nearby include Walmart, Home Depot, Hy-Vee, JCPenney, Ollie’s Bargain Outlet, AT&T, Walgreens, Harbor Freight, Goodwill, McDonald’s, Subway, Taco Bell, Wendy’s, Burger King, Starbucks, and Arby’s. The property is located 1 mile from Illinois College, which has over 1,000 students.

Jacksonville is situated 35 miles west of Springfield, the Illinois state capital. The population is 22,286 within a 5-mile radius with an average household income of $82,250.

Springfield Clinic has over 10 years of lease term remaining with three 5-year renewal options. The lease features rental increases every 5 years including 4% in October 2027.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The buyer is a commercial real estate investment firm located in Utah. The seller is a private investor located in New Jersey.

Springfield Clinic is an Illinois-based physician-owned and led healthcare provider that was founded in 1939 and is headquartered in its namesake Springfield, Illinois. Springfield Clinic has over 3,000 employees and 90 facilities throughout Illinois.

“Long-term leases to medical tenants remain attractive investments” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman of The Boulder Group, added, “Investors continue to gravitate to low-rent medical assets.”

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