The Boulder Group has completed the sale of a single-tenant net leased 7-Eleven property located at 3005 N. Pulaski Road in Chicago for $1.6 million.
7-Eleven is the sole occupant of the 3,200-square-foot retail building that was developed in 2013. The property is located on an 11,389-square-foot parcel at the northeast corner of North Pulaski Road and Wellington Avenue in Chicago. The property is fully leased to 7-Eleven with 10 years of lease term remaining and a 10 percent rental escalation in 2018.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based developer, in the transaction. The buyer was a in a 1031 exchange.
7-Eleven has 10 years of lease term remaining on a brand new lease that commenced October 2013.
“The market for properties occupied by investment grade rated companies with rental escalations in the lease remain in the highest demand amongst all types of investors” said Blankstein, president of The Boulder Group.
