Triple Net Lease Property for Sale in Chicago | The Boulder Group

The Boulder Group is pleased to exclusively market for sale a rare single tenant net leased trophy property located in the River North neighborhood of downtown Chicago. The irreplaceable property is located at the northwest corner of the signalized intersection of North LaSalle Street and West Illinois Street. This Gino’s East location is centrally located amongst many high rise hotel and residential buildings in a well-known tourist destination. Gino’s East recently elected to relocate from their previous famous flagship location and execute a ten year absolute triple net lease at the subject property. The lease features 10% rental escalations every five years. Gino’s East is a Chicago institution and one of the original deep dish pizza restaurants which first opened in 1966. Today, there are eleven Gino’s East restaurants located throughout the Chicago MSA.  

The Gino’s East property is ideally situated in the heart of Chicago’s River North neighborhood. River North is a vibrant submarket in Chicago which has experienced tremendous development and redevelopment in the past several years. River North is home to many restaurants, retail shops, hotels and high rise residential buildings.  The property is located at the signalized intersection of North LaSalle Street and West Illinois Street. LaSalle Street experiences traffic counts of approximately 25,000 vehicles per day and is a main north-south thoroughfare in Chicago. Additionally, the property is benefitted from being located close to Ohio Street and Ontario Street, which are the main entry and exit point for vehicles traveling in and out of the city via Interstate 90/94.  Approximately 300,000 vehicles per day travel on Interstate 90/94. There are approximately 90,000 people living within a one mile range of the property earning average household incomes of approximately $110,000.

The three-story, 17,400 square foot building is constructed of brick, wood and masonry. Gino’s East recently invested $1,000,000 in tenant improvements to the building bringing it to elite twenty-first century standards and evidencing their commitment to this location.

Gino’s East recently signed a ten year lease that is scheduled to expire in July 2023. The lease features 10% rental escalations and no landlord responsibilities. Gino’s East is a privately held company that is one of the original Chicago-style pizza restaurants. In addition to the eleven locations located throughout the Chicago MSA, Gino’s East operates a mail-order business where patrons from around the country can order frozen pizzas and have them shipped overnight. 

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Net lease 7-Eleven For Sale | The Boulder Group

The Boulder Group is pleased to exclusively market for sale a single tenant absolute net leased corporately guaranteed 7-Eleven property located within the Chicago MSA. The property is located in a densely populated area with approximately 28,000 people living within a one mile radius. 7-Eleven has successfully operated at this location since 1967. The lease has six years remaining and expires September 30, 2020. The lease has one 5-year renewal option with a 14.3% rental escalation. 7-Eleven is an investment grade tenant with a Standard & Poor’s rating of AA-.

The 7-Eleven property is located at the signalized intersection of Lincoln Avenue and Gross Point Road, a prime intersection that experiences traffic counts of 25,000 vehicles per day. The property is located approximately three-quarters of a mile from access to Interstate 94. Interstate 94 experiences traffic counts in excess of 155,000 vehicles per day. The property is located in a densely populated area with approximately 28,000 people living within a one mile radius. Additionally, there are over 145,000 people living within a three mile radius earning average household incomes in excess of $95,000 per annum. 7-Eleven has successfully operated at this located for almost fifty years due to its’ strategic neighborhood location in one of Chicago’s more densely populated neighborhoods.

7-Eleven signed a 15 year lease extension in 2005 that expires September 30, 2020. The lease is an absolute triple net and features one 5-year renewal option with a 14.3% rental escalation. 7-Eleven is the world’s largest retail store chain with more than 53,000 locations throughout the world. 7-Eleven is an investment grade rated company with a Standard & Poor’s rating of AA-.

 http://bouldergroup.com/NNN-Properties-For-Sale.html

The Boulder Group Arranges Sale of a Net Leased Panera and Noodles & Company Property in the Chicago MSA

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a two-tenant net leased center located at 305 South Waukegan Road in Lake Bluff, IL for $3,175,000.

The two-tenant 7,902 square foot strip center was originally developed in 1985. The approximately 7,902 square foot property is an outparcel to a Heinen’s grocery anchored center within an affluent community. Heinen’s is an upscale grocery store chain that operates 19 locations and replaced a vacant Dominck’s. Additionally, the property is located in the immediate vicinity to a Target that is under development. There are over four years remaining on the Panera lease. Noodles and Company recently executed a ten year lease that expires October 31, 2024 and features a 6.7% rental escalation in the primary term. Both leases are corporately guaranteed.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the purchaser, a foreign investor from Spain, in the transaction.

Panera has over four years remaining on their lease that expires August 31, 2018. The lease features two five-year renewal options with 10% rental escalations in each. Panera is a publicly traded company (NASDAQ: PNRA) with a market capitalization of $4 billion.

Noodles and Company has over ten years remaining on their lease that expires October 31, 2024. The lease features a 6.7% rental escalation in the primary term. Noodles and Company is a publicly traded company (NASDAQ: NDLS) with a market capitalization in excess of $800 million.

“The market for net lease properties in top MSAs remains active as these assets are in high demand among private investors.” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman, Partner of The Boulder Group, added, “The purchaser was attracted to this property due to its prime location within an affluent community leased to two publicly traded companies.”

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 $1.7 billion of single tenant net lease real estate transactions. From 2011-2013, 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.
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Net Leased Citgo For Sale | The Boulder Group

The Boulder Group is pleased to exclusively market for sale a single tenant net leased CITGO property located in the Chicago MSA. The property was originally constructed in 1999 on a 1.39 acre parcel. The gas station property features 14 gas pumps and a convenience store. The property is benefitted from being located immediately south from a large Caterpillar manufacturing plant that employs approximately 2,500 people. The lease commenced February 2004 and includes annual rental escalations of 1.75%. There are approximately 10 years remaining in the primary term of the lease.    

The subject property is located along Light Road (Illinois Route 31). Illinois Route 31 has access to both Highway 30 (25,000 VPD) and Interstate 88 to the north. Interstate 88 experiences traffic counts in excess of 75,000 vehicles per day. There are approximately 60,000 people living within a three mile radius earning average household incomes in excess of $77,000 annually. The CITGO property is located just south from a Caterpillar plant that employs 2,500 people. Caterpillar is the largest employer within the area and has operated at this facility since 1958.

CITGO’s original lease term is for 20 years with four 5-year renewal options and the lease expires in February 2024.  The lease features annual rental escalations of 1.75% throughout the primary term. The guarantor is GasMart USA, a privately held corporation that operates 108 locations in seven states.

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Net Lease Dollar General for Sale | The Boulder Group

The Boulder Group is pleased to exclusively market for sale a single tenant net leased Dollar General Plus property located within the Charlotte MSA. The 12,480 square foot building is a relocation of a previously successful traditional-sized Dollar General store. Due to the success of the previous location, Dollar General elected to build one of their larger format Dollar General Plus stores. Dollar General Plus are larger than traditional Dollar General stores and have more coolers/freezers to keep more perishable items in stock. The Dollar General Plus lease has over 13 years remaining and features a rental escalation in year eleven and 10% rental escalations in each renewal option. Dollar General is an investment grade rated tenant (S&P: BBB-).

The 3.84 acre Dollar General Plus parcel is located along Main Street approximately one mile from access to Interstate 77. Main Street is a primary thoroughfare that experiences traffic counts in excess of 23,000 vehicles per day. The Dollar General Plus is located approximately 25 miles south of downtown Charlotte. The property is benefitted from its location adjacent to a Bi-Lo anchored development and across the street from a Food Lion. There are over 80,000 people living within a five mile radius of the property earning average household incomes of approximately $55,000.

Dollar General Plus has over 13 years remaining on their absolute net lease that expires in October 2027. The lease features a rental escalation in the eleventh lease year and 10% rental escalations in each of the six 5-year renewal options. Dollar General is an investment grade company (S&P: BBB-) and is publicly traded (NYSE: DG) with a market capitalization in excess of $17 billion. 

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Net Lease Max and Ermas for Sale | The Boulder Group

The Boulder Group is pleased to exclusively market for sale a single tenant absolute net leased Max & Erma’s property located in the Detroit MSA. The 6,264 square foot Max & Erma’s restaurant is ideally located at an Interstate 75 interchange in a dominant retail destination that attracts consumers from throughout parts of Michigan and nearby Canada. Located across the street is the Great Lakes Crossing Outlets, which features over 180 shops and 1.4 million square feet of retail. Max and Erma’s has approximately nine years remaining on their twenty year lease that expires April 30, 2023. The lease features a 7.5% rental escalation in 2018. Max & Erma’s is a casual dining restaurant chain that is known for their award-winning burgers, locally brewed beer and fresh-baked chocolate chip cookies as well as many other menu items. Max & Erma’s is a wholly owned subsidiary of American Blue Ribbon Holdings, the 8^th largest full service restaurant holdings company in the United States.  

The Max & Erma’s is located across the street from the Great Lakes Crossing Outlets. Great Lakes Crossing Outlets is Michigan’s largest and dominant outlet shopping center with a strong mix of fashion department store outlets, manufacturer’s outlets, and category-dominant stores. Notable retailers within the development include Polo Ralph Lauren, Coach, Michael Kors, Lacoste, J. Crew, Hugo Boss, Talbots, and many other premium retailers. The development also features a 25-screen AMC Theatre and Sea Life Michigan Aquarium (scheduled to open Spring 2015). Approximately 20% of Great Lakes Crossing Outlets’ shoppers are tourists traveling 60 miles or more and come from throughout the Midwest and Canada. Further establishing this corridor as a dominant retail destination is the presence of many big box national retailers in the immediate vicinity. Surrounding notable retailers include Costco, Sam’s Club, Target, Home Depot, Meijer, Kohl’s, Best Buy, and many others.

The 2.89 acre Max & Erma’s parcel is located at a high profile Interstate 75 interchange on Baldwin Road. Interstate 75 experiences traffic counts in excess of 85,000 vehicles per day. Baldwin Road is a heavily trafficked north-south thoroughfare in the northwest suburbs. The average annual household income within a one mile radius is in excess of $73,000. Additionally, there are approximately 125,000 people living within a five mile radius.

Max & Erma’s has approximately 9 years remaining on their absolute net lease that expires April 30, 2023. The lease features a 7.5% rental escalation in 2018. There are approximately 70 Max & Erma’s locations throughout parts of the Midwest and East Coast. Max & Erma’s is a wholly owned subsidiary of American Blue Ribbon Holdings, the 8^th largest full service restaurant holdings company in the United States and have over 646 restaurants.

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Ground Lease For Sale | Walmart

The Boulder Group is pleased to exclusively market for sale a rare single tenant Walmart ground lease located in the Chicago MSA. The 132,695 square foot building is located on a 9.82 acre parcel within a dominant retail destination. The Walmart anchors Pointe Plaza, a 330,000 square foot development located in an affluent area north of Chicago. Walmart has approximately ten years of lease term remaining on their ground lease that expires in March 2024. The lease features rental escalations in each of the seven 10-year renewal option periods. Walmart is a publicly traded company (NYSE: WMT) with a market capitalization in excess of $240 billion and is an investment grade rated company (S&P: AA). 

The Walmart property is located within an affluent area just north of Chicago. Average household incomes within a one mile radius are in excess of $107,000 annually. Additionally, there are approximately 700,000 people living within five miles earning average household incomes in excess of $80,000 per year. The property is located along West Touhy Avenue, a heavily trafficked east-west thoroughfare that experiences traffic counts in excess of 35,000 vehicles per day. The property is located less than one mile from a full interchange with Interstate 94, which experiences traffic counts in excess of 153,000 vehicles per day. The immediate area is dense providing for high barriers to entry.

The Walmart is well located within one of the dominant retail destinations of Chicago’s northern suburbs. The Walmart anchors Pointe Plaza, a 330,000 square foot development that also features Ross Dress For Less, Walgreens, Fresh Farms International Market, Dress Barn and Babies R’ Us. Directly across the street from Pointe Plaza is Village Crossing, a 450,000 square foot development that features Dick’s Sporting Goods, AMC Theaters, Best Buy, Michael’s, Bed Bath & Beyond and many other national retailers. Jewel-Osco is also located across the street from the Walmart. Other notable retailers in the immediate vicinity along West Touhy Avenue include Target and Costco. This is a 24 hour location and Walmart has a longstanding operating history since 2000. The closest Walmart property is located 5.8 miles away. With convenient interstate access and a large variety of strong retailers, this corridor has the unique advantage of drawing consumers from both the city and suburbs.

Walmart has approximately 10 years remaining on their original twenty-five year ground lease that expires in March 2024. The lease features seven 10-year renewal options with a 10% rental escalation in the first option and 5% rental escalations in each remaining renewal option period. Walmart is an investment grade rated company (S&P: AA) and is publicly traded (NYSE: WMT) with a market capitalization in excess of $240 million. Walmart is the largest company in the world by both number of employees and revenue.

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The Boulder Group Arranges Sale of a Triple Net Leased ALCO Property in Southern Illinois

The Boulder Group, a net leased investment brokerage firm, has completed the sale of single tenant triple net leased ALCO property located at 17774 Mercantile Drive in Nashville, IL for $910,000.

The 4.2 acre ALCO property is located along Illinois Route 127, a primary north-south thoroughfare in the region that experiences traffic counts in excess of 10,000 vehicles per day. Illinois Route 127 is the roadway that connects residents of Nashville to Interstate 64. Interstate 64 has direct access to St. Louis which is approximately 50 miles northwest of the property. ALCO benefits from a long standing operating history at this location and a strong brand recognition within the community. This ALCO location has above average store sales and has paid consistent percentage rent for the past five years.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller was a Midwest based real estate partnership. The buyer was a West Coast investor in a 1031 exchange.

ALCO has approximately six years remaining on their twenty year lease that expires January 27, 2020. ALCO Stores, Inc. is a retail chain headquartered in Coppell, Texas that operates 217 stores in 23 states primarily in the Midwest. The company is publicly traded on the NASDAQ (ALCS).

“As there is a limited amount of long term core assets on the market, some net lease investors are seeking assets with shorter term leases or assets in secondary markets.” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman, Partner of The Boulder Group, added, “Properties that are valued below $2 million are receiving the most activity in the private buyer and 1031 exchange sectors.”

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 $1.7 billion of single tenant net lease real estate transactions. From 2011-2013, 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. www.bouldergroup.com

The Boulder Group Publishes 2nd Quarter Net Lease Market Research Report

(Northbrook, Illinois - July 1, 2014) – The Boulder Group’s Research Department has released a new research report providing comprehensive numbers and analysis of the 2nd quarter activity in the National Net Lease Market.

Highlights from the report are as follows:

• Cap rates for net lease retail properties compressed by 25 basis points
• Overall property supply of net lease assets increased by 16%% compared to last quarter

The full report can be viewed online at http://www.bouldergroup.com/2014-Q2-Net-Lease-Research-Report.pdf

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 $1.7 billion of single tenant net lease real estate transactions. In 2011-2013, 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. More information on the firm can be found on The Boulder Group’s website at www.bouldergroup.com