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 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 $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