The Boulder Group, a net leased investment
brokerage firm, has completed the sale of a Gino’s
East property located at 500 North LaSalle Street in Chicago, IL for $7,100,000.
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. The property is located at the signalized
intersection of North LaSalle Street and West Illinois Street. 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. 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. To create their new
flagship location, Gino’s East recently invested $1,000,000 in tenant
improvements to the building bringing it to elite twenty-first century
standards. This Gino’s East property is a relocation of their former flagship
location that was located three blocks north. There are approximately nine years
remaining on the Gino’s East lease that expires in July 2023.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented Frontline Real Estate
Partners; the seller in the transaction. The purchaser was an affiliate of a
Midwest real estate investment fund that was represented by Matthew Berres of
JLL.
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.
“Due to the rare opportunity to acquire a single tenant
property located in the urban core of Chicago, this property received
tremendous activity which ultimately resulted in the property trading above the
asking price” said Randy Blankstein, President of The Boulder
Group. Jimmy Goodman, Partner of The
Boulder Group, added, “This property provided the
investor with the unique opportunity to acquire a core property that is
tenanted by a well-known Chicago attraction.”
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 $1.8 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 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 $1.8 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