Dealmaker: Boulder Group Arranges $15M in Net Leased Property Sales
The Boulder Group, Wilmette, Ill., sold two single-tenant net leased retail properties in Illinois and Colorado for $14.7 million.
In Peoria, Ill., Boulder Group President Randy Blankstein and Senior Vice President John Feeney represented the seller in a $7.9 million Best Buy store sale.
The 46,432-square-foot property at 5001 North Big Hollow Road is adjacent to the Target- and Lowe’s-anchored Glen Hollow shopping center. Other retailers in the trade corridor include PetSmart, Ross Dress for Less and the Northwoods Mall, the largest shopping mall in the tri-county area.
Blankstein said the Best Buy lease has more than four years remaining and includes two five-year renewal options. Best Buy is investment-grade rated, with an $18.6 billion market capitalization.
Blankstein and Boulder Group Partner Jimmy Goodman also sold a Tractor Supply Co. store at 825 US Highway 287 in Lafayette, Colo. for $6.8 million. They represented the California-based 1031 exchange buyer and Cushman & Wakefield Executive Director Andrew Bogardus represented the seller.
The 21,930-square-foot building sits just off North 107th Street, a primary north-south thoroughfare in the area. More than 166,000 people live within five miles of the property, earning a household average income approaching $140,000. The property is 10 miles east of Boulder, Colo.
“Single-tenant new construction properties with long term leases are the most sought-after net lease products,” Blankstein said.