The Boulder Group, a net leased investment brokerage firm, has completed the sale of a fully leased three tenant property located at 701-709 E Lincoln Highway in New Lenox, Illinois for $2,050,000. The property is fully leased to AT&T Wireless, Papa John\u2019s and Volver Cantina & Grill.<\/p>\n
The 5,362 square foot building was constructed in 2015 and is located along East Lincoln Highway, the primary east-west thoroughfare in the trade area.\u00a0 The three-tenant property is strategically positioned as an out parcel to the New Lenox Town Center, a Walmart Supercenter anchored development also featuring Ross Dress For Less, TJ Maxx, Goodwill, and ALDI. Additional retailers located in the immediate trade area include Lowe\u2019s, Target, LA Fitness, Michael\u2019s and Walgreens.<\/p>\n
Randy Blankstein and John Feeney of The Boulder Group represented the seller in the transaction; a West Coast based real estate investment group. The purchaser was a West Coast based real estate investor.<\/p>\n
The AT&T Wireless store has three years remaining on their lease with two 5-year renewal option periods.\u00a0 Papa John\u2019s has four years remaining on their lease with two 5-year renewal option periods.\u00a0 Volver Cantina & Grill recently executed a seven-year lease with one 5-year renewal option period.<\/p>\n
\u201cThe market for net lease properties in top MSAs remains active as these assets are in high demand among private investors,\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 John Feeney, Vice President of The Boulder Group, added, \u201cThe purchaser was attracted to this property due to its location within a strong retail corridor.\u201d<\/p>\n