The Boulder Group, a net leased investment brokerage firm, completed the sale of a single-tenant, net-leased Jewel-Osco property located at 1660 Larking Avenue in Elgin, Illinois. The property sold for $14,800,000.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the buyer and seller in the transaction. The seller is a private real estate investment company based in the southwest. The buyer is a Los Angeles-based real estate firm in a 1031 exchange.
“Investors pay a premium for twenty year net leased assets which are in limited supply,” Goodman said.
The 69,129-square-foot building was remodeled in 2009. The store has above-average store sales and has approximately 19 years remaining on the lease. The property is also near Presence Saint Joseph Hospital. There are over 173,569 people living within a five mile radius of the property with average annual household incomes of $92,126 per year.
“The market for standalone grocery properties remains active due to their built-in customer base,” said Blankstein.
