The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant net leased Best Buy located at 5001 North Big Hollow Road in Peoria, Illinois for $7,970,000.<\/p>\n
The 46,432 square foot property is located along West War Memorial Drive (37,500 VPD), a primary north-south thoroughfare, and is just north of Interstate 74 (26,400 VPD). The Best Buy property is adjacent to the Target and Lowe\u2019s anchored Glen Hollow shopping center. Lowe\u2019s and Target recently remodeled their properties. Other retailers in the trade corridor include Five Below, PetSmart, AT&T, McDonald\u2019s, Ross Dress for Less and the Northwoods Mall which is the largest shopping mall in the tri-county area with 90+ stores. There are over 119,000 people living within 5 miles of the property who earn an average annual income of $70,809.<\/p>\n
Randy Blankstein and John Feeney of The Boulder Group represented the seller in the transaction, a West Coast based investor.\u00a0 The buyer was a Midwest based real estate company.<\/p>\n
The Best Buy lease has over 4 years remaining and has two 5-year renewal options remaining. Best Buy is investment grade rated (S&P:BBB). Best Buy is a provider of technology products, services and solutions. Best Buy operates 1,008 stores and has a market capitalization of $18.6 Billion<\/p>\n
\u201cThe property\u2019s location in the retail corridor is what initially attracted the buyer\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 John Feeney, Senior Vice President of The Boulder Group, added, \u201cThis store has a long operating history at this property and recently exercised a renewal option illustrating their commitment to the site.\u201d<\/p>\n