The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased restaurant property occupied by Steak \u2019n Shake located at 4333 Fox Valley Center Dr in Aurora, Illinois for $1,275,000.<\/p>\n
The property is located at 4333 Fox Valley Center Dr in Aurora, Illinois, near the intersection of Illinois Route 59 and New York Street. Illinois Route 59 carries approximately 68,000 vehicles per day at this location. The property sits across from Fox Valley Mall, a roughly 1,500,000-square-foot regional shopping center anchored by Macy\u2019s and JCPenney. Nearby national retailers include Costco, Whole Foods Market, The Home Depot, Menards and Meijer. The Westridge Court shopping center, home to more than 30 stores, is located nearby on the Naperville side of Illinois Route 59. The property is located in DuPage County, Illinois, within the Chicago-Naperville-Elgin, IL-IN-WI metropolitan statistical area. The Chicago MSA is the third-largest metropolitan area in the United States, with a population of approximately 9.5 million people. The population within ZIP code 60504, which includes the property, is approximately 39,358. The average household income within ZIP code 60504 is approximately $98,008. DuPage County has a median household income of approximately $112,000. The property is located within Indian Prairie Community Unit School District 204. Waubonsie Valley High School, located at 2590 Ogden Avenue in Aurora, Illinois, serves the surrounding community. Metea Valley High School also serves students in the immediate trade area.<\/p>\n
Randy Blankstein, Jimmy Goodman and John Feeney of The Boulder Group represented both parties in the transaction. The seller was an investment group that had held the property as part of a net lease portfolio. The buyer was a local investor acquiring the property as a net leased investment.<\/p>\n
The property is subject to a triple net (NNN) lease with Steak \u2019n Shake. Approximately three years of lease term remain. The lease includes two five-year renewal options. Rental escalations are structured to occur within the renewal option periods.<\/p>\n
Steak \u2019n Shake Enterprises, Inc. is headquartered in Indianapolis, Indiana. The company was founded in 1934 and is one of the longest-running steakburger and milkshake concepts in the restaurant industry. Steak \u2019n Shake operates and franchises more than 400 restaurant locations across more than two dozen states and the District of Columbia. The company employs approximately 9,800 people system-wide. Steak \u2019n Shake\u2019s menu centers on its signature steakburgers, hand-dipped milkshakes and classic American diner fare, served through dine-in, drive-thru and carryout formats. The brand has expanded its footprint in recent years through franchise partnerships as part of a broader growth strategy.<\/p>\n
\u201cInvestor appetite for net leased restaurant properties along established retail corridors has remained steady, even with interest rates holding higher for longer,\u201d said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, \u201cThis property\u2019s location directly across from Fox Valley Mall, combined with the traffic on Route 59, generated strong interest from the moment we brought it to market, and we were able to move quickly to a closing.\u201d John Feeney, Senior Vice President of The Boulder Group, noted, \u201cA lot of our buyers on deals like this are coming out of 1031 exchanges, and a shorter-term lease in a market with this kind of retail density still pencils well against their return targets.\u201d<\/p>\n