Panda Express Ground Lease Sale Arranged Date June 5, 2018
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant Panda Express ground lease located at 1171 Dundee Road in Palatine, Illinois for $1,880,000.
The 2,484 square foot building sits along Dundee Road. Dundee Road is a primary east-west thoroughfare and experiences 28,000 vehicles per day. The property is well located in a thriving retail corridor and also is an outparcel to Walmart. Other tenants in the immediate area include Jewel-Osco, Home Depot and numerous banks and restaurants. There are over 107,000 people living within a three mile radius of the property earning an average household income in excess of $104,000 per year.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the seller and purchaser in the transaction. The seller was a Midwest based real estate partnership and the purchaser was a West Coast based real estate investor.
There are approximately nine years remaining on the Panda Express ground lease. The lease features a 5% rental escalations in 2020 and has four 5-year renewal option periods.
“The market for ground lease properties in major MSAs remains active as these assets are in high demand among investors.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Quick service restaurants continue to be a well sought out single tenant investment as they are less affected by e-commerce.”
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 $4 billion of single tenant net lease real estate transactions. From 2012-2017, 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