The Boulder Group, a net leased investment
brokerage firm, has completed the sale of a single
tenant Culver’s located at 1430 East Algonquin Road in Schaumburg, IL for
$2,250,000.
The 49,919 square foot Culver’s
property is positioned as an outparcel to an Aldi anchored shopping center. The
property is benefited by its location within a strong regional retail trade
area that features IKEA, Costco, and the Woodfield Mall. The Woodfield Mall is
2.1 million square feet and attracts over 27 million visitors annually. The
4,500 square foot Culver’s building is located just off of the signalized
intersection of East Algonquin Road and North Meacham Road. This heavily
traffic signalized intersection experiences traffic volumes in excess of 65,000
vehicles per day.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented the seller in the
transaction; a Midwest based developer. The purchaser was a high net worth
individual.
The Culver’s lease
has over 15 years remaining and expires on December 23, 2030. The lease
features annual rental escalations of 1.75% and two 10-year renewal option
periods. Culver’s is a privately owned and operated fast food restaurant chain
with over 500 locations in 22 states. The Culver’s franchise program is
tremendously successful and has only had one failed franchisee in 30 years of
operation.
“The market for well-located net lease properties in top
MSAs remains active as these assets are in high demand amongst private
investors” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group,
added, “Properties featuring long term leases with
annual rental escalations throughout the primary term continue to remain at the
forefront of investor demand.”
About The Boulder GroupThe 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 $3 billion of single tenant net lease real estate transactions. From 2010-2014, 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
