The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net lease On The Border restaurant property located at 3050 East Main Street in St. Charles, IL for $2,076,923.
The 6,488 square foot building is strategically located adjacent to The Quad St. Charles Mall. The 775,000 square foot mall is anchored by Von Maur, Carson Pirie Scott, and Kohl’s. The On The Border is located at the entrance to a Jewel-Osco in a strong retail corridor. There are approximately 110,000 people living within a five mile radius of the property.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the purchaser and seller in the transaction. The purchaser was a private high net worth investor based in the Midwest and the seller was a Southeast based private investment firm.
On The Border has fifteen years remaining on their recently signed absolute net lease. The lease features 1% annual rental escalations throughout the primary term and in each renewal option period. On The Border is a privately owned Tex-Mex casual dining restaurant with over 160 locations.
“The market for net leased properties in major markets 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 annual rental escalations throughout the primary term continue to remain at the forefront of investor demand.”
