The Boulder Group, a net leased investment
brokerage firm, has completed the sale of a single
tenant LabCorp office property located at 150 Spring Lake Drive in Itasca, IL
for $6,250,000. Itasca is located in the Chicago MSA west of the Chicago O’Hare
International Airport.
The 40,150
square foot LabCorp building is positioned on a 3.37 acre parcel within the
Spring Lake Business Park. The Spring Lake Business Park also features the
corporate headquarters of Knowles Corporation which is a publicly traded
company (NYSE: KN) with a market capitalization of $1.5 billion. The property
is benefitted by its location within the O’Hare industrial submarket which has
a market vacancy 22% lower than the entire Chicago MSA. The property is
benefitted by its location along Interstate 290/355 which experiences traffic
volumes in excess of 225,000 vehicles per day. Chicago O’Hare International
Airport, which is the 8th busiest airport in the world, is located
approximately ten miles east of the property. The surrounding area is densely
populated with over 225,000 people living within a five mile radius. The
immediate area is affluent with average annual household incomes within a one
mile radius in excess of $107,000.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented the seller in the
transaction; a Midwest based development firm. The purchaser was a local
Midwest investment company.
There are over
eight years remaining on the LabCorp lease which expires in December 2024. The
lease features a 5% rental escalation in the primary term and rental escalation
in each renewal option period. The building underwent a $7.2 million renovation
which included a new roof, new HVAC units, new parking lot and new buildout
designed to meet the needs of LabCorp. The building also features two loading
docks. LabCorp is publicly traded on the New York Stock Exchange, LH, with a
market capitalization in excess of $14 billion. LabCorp is an investment grade
rated tenant with a Standard & Poor’s rating of BBB.
“The
market for net lease properties in major 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, “We are seeing
many investors turn their attention to medical related office properties as
they are highly resistant to e-commerce.”
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 2010-2015, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. 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 $3 billion of single tenant net lease real estate transactions. From 2010-2015, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
