The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Kroger property located at 2701 Columbus Street in Ottawa, Illinois for $2,712,000.
The
44,038 square foot property was built in 1982 and is located in the primary
retail trade area of Ottawa. The property is located along Columbus Street, a
primary thoroughfare in the area, which experiences traffic volumes in excess
of 18,000 vehicles per day. There are multiple signalized points of ingress and
egress along Columbus Street, which provides consistent traffic at the site.
Kroger is located within the regional trade area which features a Wal-Mart
Supercenter and a site that Menard’s has targeted for a future location. Ottawa
is located 80 miles southwest of downtown Chicago. Ottawa is home to Starved
Rock Park, an Illinois State Park, which experiences more than two million
visitors annually.
This
is a proven location for Kroger since 1982 and they are committed to the area
as evidenced by the recent execution of their second renewal option. The
building is leased to Kroger on a triple net basis with four years remaining.
Kroger is a publicly traded company on the New York Stock Exchange (KR) with a
market capitalization of $13 billion. Kroger is an investment grade rated
company with a Standard & Poor’s rating of BBB.
Randy
Blankstein and Jimmy Goodman of The Boulder Group represented the seller; an
Illinois limited partnership, in the transaction. The buyer was a California
limited liability company.
“The market for net leased properties with shorter term
leases remains active as investors are attracted to the higher yield these
assets generate” said Randy Blankstein, President of The Boulder
Group. Jimmy Goodman, Partner of The
Boulder Group, added, “Single tenant grocery stores with proven sales are in
high demand.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $1.6 billion of single tenant net lease real estate transactions. In 2011 and 2012, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago.
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $1.6 billion of single tenant net lease real estate transactions. In 2011 and 2012, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago.
