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.”
