The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net lease Chicago MSA Arby\u2019s property located 1874 Belvidere Rd in Grayslake, Illinois for $1,320,000.<\/p>\n
The 2,844 square foot Arby\u2019s asset is strategically positioned along Belvidere Road (27,267 VPD) which is a primary east-west thoroughfare. Retailers in the trade corridor include Jewel-Osco, Walgreens, McDonald\u2019s, Bank of America, Chase and Starbucks. The property is located in close proximity to Northwestern Medicine Hospital (201 beds) and College of Lake County (15,000 students) which drives continual traffic to the corridor. There are 136,992 people living within five miles of the property with an average household income of $122,480.<\/p>\n
Randy Blankstein and John Feeney of The Boulder Group represented the seller in the transaction. The seller is a Texas based real estate fund and the buyer was a Midwest based investor.<\/p>\n
The restaurant is operated by Miracle Restaurant Group, LLC which has 28 units and was formed in 2005. The lease is absolute NNN and features zero landlord responsibilities. The lease expires August 31, 2025 and has six years remaining. There are 1% annual rental escalations and four 5-year renewal options. Arby\u2019s has a long operating history at the location since 2005. Arby\u2019s is a leading international quick-service restaurant company that specializes in deli-style sandwiches. Arby\u2019s is the second-largest quick-service fast-food sandwich restaurant chain in the U.S. in terms of units and third-largest in terms of revenue franchising nearly 3,400 restaurants.<\/p>\n
\u201cE-commerce resistant retailers including tenants in the QSR sector continue to be in high demand amongst investors\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 John Feeney, Senior Vice President of The Boulder Group, added, \u201cSingle tenant restaurant properties continue to garner significant interest amongst private investors and 1031 exchange buyers.\u201d<\/p>\n