Sale of Net Leased Staples in Chicago MSA Date April 22, 2026
The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased Staples property located at 1552 Illinois Route 59 in Naperville, Illinois for $3,465,000. The 22,888-square-foot building sits on 2.38 acres within the Chicago–Naperville–Elgin Metropolitan Statistical Area, which ranks as the third largest MSA in the United States by population.
The Staples property at 1552 Illinois Route 59 in Naperville, Illinois is positioned between Lowe’s Home Improvement and Ashley along one of the area’s highest-traffic retail corridors. Illinois Route 59 carries approximately 68,000 vehicles per day. U.S. Highway 34 is located a short distance to the north and carries approximately 34,000 vehicles per day. The property is situated less than two miles south of Fox Valley Mall, a regional shopping destination anchored by Macy’s, H&M, Kohl’s, JCPenney, and Hollister. Nearby national retailers include Walmart, Costco, The Home Depot, DICK’s Sporting Goods, Whole Foods, Menards, Meijer, Target, Best Buy, Floor & Decor, Hobby Lobby, Burlington, HomeGoods, Old Navy, and DSW. The average household income within one mile of the property exceeds $173,000. More than 253,000 people reside within a five-mile radius of the Staples in Naperville, Illinois. Naperville Central High School, with approximately 2,500 students, is located approximately four miles to the northeast. Waubonsie Valley High School, with approximately 2,700 students, is situated roughly three miles to the east. North Central College, a private liberal arts institution, is also located in Naperville. The property benefits from proximity to Interstate 88, Interstate 355, and two Metra BNSF Railway commuter rail stations providing direct access to downtown Chicago. Nearby luxury apartment developments with more than 600 combined units further support the retail demand along the Illinois Route 59 corridor in Naperville, Illinois. Endeavor Health Edward Hospital, a 350-bed facility, is located nearby.
Randy Blankstein, Jimmy Goodman and John Feeney of The Boulder Group represented the seller in the transaction. The seller was a real estate investment firm. The buyer was a southeast based investment company.
The Staples lease at 1552 Illinois Route 59 in Naperville, Illinois expires on March 31, 2032, leaving approximately six years of remaining term. Staples has been operating at this location since 2006 and has executed multiple lease extensions, demonstrating long-term commitment to the site. The lease contains two five-year renewal options. A rental escalation is scheduled for April 1, 2027, increasing annual rent to $270,141. The first renewal option includes a significant 20% rental escalation to $326,208 annually. The second renewal option increases annual rent to $356,790. Staples is responsible for routine maintenance of the HVAC systems throughout the lease term.
Staples Inc. is a privately held office supply retailer headquartered in Framingham, Massachusetts. The company was established in 1985 and opened its inaugural retail location in Brighton, Massachusetts in 1986, creating the big-box office products category. Staples operates approximately 922 locations across North America. The company provides a broad range of products and services including office supplies, furniture, technology products, breakroom essentials, print and marketing services, and facility solutions through its retail stores, e-commerce platform, and business-to-business delivery network. Since being acquired by Sycamore Partners in 2017, Staples has been restructured with an increased focus on business-to-business services and online fulfillment while continuing to maintain its nationwide retail footprint and next-day delivery capabilities across most of the United States.
“Net leased retail properties along high-traffic corridors in affluent suburban markets within the Chicago MSA continue to attract strong investor interest,” said Randy Blankstein, President of The Boulder Group. “Properties with scheduled rental escalations and renewal options provide investors with a built-in income growth profile that remains compelling in the current interest rate environment.” Jimmy Goodman, Partner of The Boulder Group, added, “The Staples property in Naperville, Illinois benefited from its strategic positioning along Illinois Route 59, which carries 68,000 vehicles per day, and its location adjacent to Lowe’s Home Improvement and within a dense retail corridor that includes Walmart, Costco, and Fox Valley Mall. The tenant’s long operating history at this location since 2006 and multiple lease extensions were key factors in generating buyer interest.” John Feeney, Senior Vice President of The Boulder Group, noted, “The buyer was attracted to the property’s scheduled rent increase in April 2027, which increases the acquisition cap rate, along with the affluent surrounding demographics featuring average household incomes exceeding $173,000 within one mile and a population of more than 253,000 within five miles.”
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 $11 billion of single tenant net lease real estate transactions. From 2013–2025, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both CoStar and MSCI Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago and has an office in Denver.
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