The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant IHOP property located at 5670 Northridge Drive in Gurnee, Illinois for $2,210,000.
The corporately guaranteed IHOP property is located along Interstate 94 in a dominant retail trade area. The IHOP is an outparcel to Six Flags Great America, a 304-acre theme park that attracts visitors from throughout the region. Gurnee Mills, a 1.8 million square foot indoor mall that features Bass Pro Shops, Macy’s, Kohl’s, T.J. Maxx, Burlington Coat Factory, and Sears, is located across the Interstate. Interstate 94 experiences traffic counts in excess of 95,000 vehicles per day. The IHOP lease has approximately two years remaining.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a private individual based in Florida. The purchaser was a Chicago based real estate investor in a 1031 Exchange. There are less than two years remaining on the corporately guaranteed IHOP lease that expires February 29, 2016. The lease is triple net and features no landlord responsibilities. IHOP is a subsidiary of DineEquity. DineEquity is publicly traded (NYSE: DIN) with a market capitalization of $1.67 billion.
