The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant\u00a0 net leased OSF Urgent Care located at 853 W. Jackson Plaza in Morton, Illinois for $2,137,655.<\/p>\n
The 3,264 square foot net leased OSF building is strategically positioned off of Interstate 74 (23,800 VPD). This property is one of two urgent care centers located within Morton, Illinois, both of which are OSF Healthcare facilities. The OSF Healthcare property is ideally located in a corridor mixed with retail and industrial. Those properties include Walmart, Kroger, CVS, Starbucks, Casey\u2019s, Nestle, and Caterpillar which employs over 2,500 people. Morton is located approximately 30 miles west of Bloomington, Illinois and 160 miles southwest of Chicago.<\/p>\n
Randy Blankstein and John Feeney of The Boulder Group represented the seller in the transaction. The seller was an Midwest based developer and the buyer was a Northeast based real estate fund.<\/p>\n
The new 10-year lease expires on April 1, 2030 and features three 5-year renewal options. The lease escalates 10% every 5 years in the primary lease term and in each option. OSF Healthcare System, an investment grade rated company (Moody\u2019s: A3) guarantees the lease. OSF HealthCare employs nearly 21,500 Mission Partners in 135 locations. OSF\u2019s total revenue in 2019 was $3 Billion.<\/p>\n
\u201cNew construction properties with long term leases to investment grade tenants with rental escalations are the most sought-after net lease properties,\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 John Feeney of The Boulder Group, added, \u201cThe market for healthcare related assets remains active as they offer a stable investment at attractive yields.\u201d<\/p>\n