The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased Discover Clothing sale leaseback property located at 15645 South LaGrange Road in Orland Park, Illinois for $4,307,000.<\/p>\n
The 12,000 square foot building was constructed in 2012 and is well located within one of the top retail destinations of suburban Chicago. The Discovery Clothing property has excellent visibility along South LaGrange Road, the areas primary north-south thoroughfare, which experiences traffic counts of 41,400 vehicles per day. The property is surrounded by a number of national retailers including Lowe’s Home Improvement, Target, Walmart, Dick\u2019s Sporting Goods, Whole Foods Market, Nordstrom Rack and Stein Mart.\u00a0 The property is also roughly one-mile from Orland Square Mall, the largest shopping center in the southwest suburbs of Chicago, featuring Sears, JCPenney, Carson Pirie Scott, Macy’s and Apple.\u00a0 With a large variety of strong retailers, this corridor has the unique advantage of drawing consumers from the surrounding southwest suburbs. There are over 168,295 people living within a five mile radius of the property with average annual household incomes of $101,980 per year.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the seller and purchaser in the transaction. The seller was Discovery Clothing Company, Chicago’s largest independently owned junior fashion retailer. The purchaser was a Midwest based real estate investment group.<\/p>\n
The Discovery Clothing sale leaseback has fifteen years of primary term with two 10-year renewal option periods.\u00a0 The lease feature 1% annual rental escalations and require no landlord responsibilities. Discovery Clothing Company is a family owned business started in 1986.\u00a0 The company operates more than 30 stores in Illinois, Indiana, Wisconsin and Florida.<\/p>\n
\u201cWhile single tenant properties are selling in all types of locations; core markets, like Chicago, are at the forefront of investor demand.\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 Jimmy Goodman, Partner of The Boulder Group, added, \u201cProperties with rental escalations throughout the lease term are at the forefront of investor demand because they provide investors with an inflationary hedge.\u201d<\/p>\n
<\/p>\n