The Boulder Group & JLL Arrange Sale of Gino’s East Flagship Restaurant Location in Chicago’s River North Area

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

Net Lease Cap Rate Poll

Please participate in The Boulder Group's net lease cap rate poll. https://www.surveymonkey.com/s/WRDW5H7 

The Boulder Group Arranges the Sale of a Single Tenant Net Leased Petco Property

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a new construction single tenant Petco property located at 298 Spring Creek Drive in Franklin, TN for $3,190,000.

The newly constructed 10,903 square foot Petco is located in a thriving retail corridor along Interstate 65. The building is adjacent to a Kohl’s and Walmart Supercenter. The surrounding area is affluent with average annual household incomes of approximately $130,000 within a seven mile radius. The CoolSprings Galleria, a 1.1 million square foot regional mall, is located less than two miles from the property. Petco has ten years remaining on their lease.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer in the transaction; a Florida based private real estate investor in a 1031 Exchange. The seller was a southeastern based developer.

The newly constructed Petco has a lease for ten years and expires January 31, 2025. The lease features rental escalations every five years throughout the primary term and renewal option periods. Petco is a privately held pet specialty retailer with over 1,300 locations across the United States, Mexico, and Puerto Rico.

“The market for net leased properties in top MSA’s 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, “Properties featuring long term leases with rental escalations throughout remain in the forefront of 1031 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 $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's Principals To Chair and Moderate ICSC N3 Triple Net Lease Conference | Dallas, TX - March 2-3, 2015

ICSC N3 TRIPLE NET LEASE CONFERENCE March 2-3 2015 | Dallas, TX

Boulder Group Website: www.bouldergroup.com   For Complete Conference Details: www.icsc.org/2015NLC

Randy Blankstein, President of the Boulder Group, Received Honorable Mention for Net Lease Executive of the Year

Randy Blankstein, President of the Boulder Group, Received Honorable Mention for Net Lease Executive of the Year. The award was given by Commercial Property Executive magazine.

Randy Blankstein, President of the Boulder Group, to Chair ICSC N3 Triple Net Lease Conference

Randy Blankstein, President of national net lease advisory firm The Boulder Group, will be the conference chair of the ICSC N3 Triple Net Lease Conference in Dallas on March 3rd, 2015.

The conference description is as follows: Single tenant, net leased properties have always been a large part of the shopping center community as ancillary income for landlords enabling them to take advantage of outparcels or excess land.  This niche property type is currently one of the nation’s most appealing investments, real estate or otherwise, as its fundamental simplicity has been acknowledged by tenants, developers, brokers, private investors as well as institutional owners. No longer do professionals deem single tenant assets to be a fringe investment as an entire industry has been focused on this property type for decades. ICSC started a dedicated discussion on single tenant properties at its annual RECON conference in 2012.  Since then it has become a staple at RECon and its success has proven that a large portion of ICSC's members are advocates of learning more about the topic.

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. In 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. The firm’s website is www.bouldergroup.com

The Boulder Group Arranges the Sale of a Triple Net Leased Dunkin’ Donuts Property

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant Dunkin’ Donuts property located at 1991 Brookdale Road in Naperville, IL for $2,277,000.

The 3,816 square foot Dunkin’ Donuts building is located along Illinois Route 59. Illinois Route 59 is the primary north-south thoroughfare in the trade area that experiences traffic counts in excess of 45,000 vehicles per day. The densely populated affluent area has approximately 190,000 people living within a five mile radius earning average annual household incomes in excess of $102,000. The surrounding area features many national retailers including Target, Meijer, Walgreens, CVS, and Chase Bank.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based private partnership. The purchaser was an East Coast based private investor in a 1031 exchange. 

There are approximately nine years remaining on Dunkin’ Donuts original twenty year lease that expires September 30, 2023. The corporately guaranteed lease features a 15% rental escalation in the primary term and in each renewal option period. There are five 5-year renewal option periods. Dunkin’ Donuts is a publicly traded company with a market capitalization in excess of $5 billion.

“We received significant interest in this property and received numerous offers which resulted in the property trading at full price.” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman, Partner of The Boulder Group, added, “Properties with corporately guaranteed leases and rental escalations throughout remain at the forefront of investor demand because they provide investors with an inflationary hedge.”

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