The Boulder Group, a net leased investment
brokerage firm, has completed the sale of a single
tenant IHOP property located at 5670 Northridge Drive in Gurnee, Illinois for
$2,210,000.
The corporately guaranteed IHOP property is
located along Interstate 94 in a dominant retail trade area. The IHOP is an
outparcel to Six Flags Great America, a 304-acre theme park that attracts
visitors from throughout the region. Gurnee Mills, a 1.8 million square foot
indoor mall that features Bass Pro Shops, Macy’s, Kohl’s, T.J. Maxx, Burlington
Coat Factory, and Sears, is located across the Interstate. Interstate 94
experiences traffic counts in excess of 95,000 vehicles per day. The IHOP lease
has approximately two years remaining.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented the seller in the
transaction, a private individual based in Florida. The purchaser was a Chicago
based real estate investor in a 1031 Exchange.
There
are less than two years remaining on the corporately guaranteed IHOP lease that
expires February 29, 2016. The lease is triple net and features no landlord
responsibilities. IHOP is a subsidiary of DineEquity. DineEquity is publicly
traded (NYSE: DIN) with a market capitalization of $1.67 billion.
“The
market for net lease properties in top MSAs remains active as
these assets are in high demand among private investors partly due to the
strong residual value that they typically have upon lease expiration.” said
Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group,
added, “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 in strong retail corridors.”
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.
