PRZOOM - /newswire/ -
Northbrook, IL, United States, 2013/01/22 - Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a private partnership based in Milwaukee - BoulderGroup.com.
The Boulder Group, a net leased investment brokerage firm specializing in single tenant assets, has completed the sale of a triple net leased Culver’s property located at 501 Pingree Road, Crystal Lake, Illinois for $1,990, 000.
The 4,453 square foot Culver’s was built in 2003 and is located in Crystal Lake, Illinois. The property is positioned in a retail trade area just north of Northwest Highway, a primary traffic thoroughfare in the area. Nearby retailers include Target, Home Depot, Kohl’s, hhgregg, Dominick’s and Menards. The property is located in an affluent area of the Chicago MSA with average household incomes in excess of $109,000 within five miles of the property. The building is leased to a Culver’s franchisee entity on a triple net lease basis. There are approximately five years of lease term remaining with 3% annual rental escalations. Culver’s is a privately owned fast food chain with over 450 locations in 19 states, and the tenant is a sole franchisee operator.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a private partnership based in Milwaukee. The buyer was an Illinois based high net worth individual.
“The market for net leased properties in Chicago and other major markets remains robust 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,“As there is a limited amount of core assets in the market, some net lease investors are seeking higher yielding assets like quick service restaurants in primary markets.”
About The Boulder Group
The Boulder Group (bouldergroup.com) is a boutique investment real estate service firm specializing in 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 more than $1.4 billion of net lease real estate transactions through several real estate cycles. The firm was ranked in the Top 10 companies in the nation for single tenant retail transactions in 2012 by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago.