The Boulder Group, a net leased investment brokerage firm, completed the sale of a net lease Just Tires (a wholly owned subsidiary of Goodyear) property located at 9246 Waukegan Road in Morton Grove, Illinois for $1,487,500.<\/p>\n
The 4,600 square foot net lease Just Tires building is ideally located at the hard corner of a signalized intersection along Waukegan Road (26,000+ VPD), which is a primary north-south thoroughfare. Additionally, the property can be easily accessed from Interstate 94 (167,000 VPD). There are over 375,000 people living within five miles of the property with an average household income of $119,655.<\/p>\n
Just Tires has a long successful operating history at the location. The lease has approximately ten years remaining which expires January 31, 2030. The lease is double net and has four 5-year renewal options. There is also a rental escalation in 2023 of the primary term. Just Tires is a subsidiary of the larger Goodyear Tire brand. Goodyear is one of the top tire manufacturers in the world and has a market cap of over $1.5 billion.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a local real estate investor. The buyer was a local investor in a 1031 exchange.<\/p>\n
\u201cInvestors continue to seek properties with quality real estate fundamentals and where the tenant has a long operating history\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 Jimmy Goodman, Partner of The Boulder Group, added, \u201cProperties within retail trade areas continue to garner significant interest amongst private investors.\u201d<\/p>\n