Friday, November 22, 2013

The Boulder Group Arranges Sale of a Net Leased 7-Eleven Property in Chicago, Illinois

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased 7-Eleven property located at 3005 North Pulaski Road in Chicago, IL for $1,623,500.

7-Eleven is the sole occupant of the 3,200 square foot retail building that was developed in 2013. The property is located on an 11,389 square foot parcel at the northeast corner of North Pulaski Road and Wellington Avenue in Chicago, IL. Interstate 94 is located one mile east of the property and experiences traffic counts in excess of 273,000 vehicles per day.  The property is fully leased to 7-Eleven with ten years of lease term remaining and a 10% rental escalation in 2018.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller; a Midwest based developer, in the transaction. The buyer was a in a 1031 exchange.

7-Eleven has ten years of lease term remaining on a brand new lease that commenced October 2013. 7-Eleven is an investment grade rated company with a Standard & Poor’s rating of AA- and has over 8,600 locations nationwide and over 50,000 locations worldwide.

“The market for properties occupied by investment grade rated companies with rental escalations in the lease remain in the highest demand amongst all types of investors” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman, Partner of The Boulder Group, added, “While single tenant properties are selling in all types of locations; core markets, like Chicago, are at the forefront of investor 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.