The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased JOANN Fabric’s property located at 1701 East Empire St. in Bloomington, Illinois for $4,087,200.
The 21,828-square-foot building benefits from its location along North Veterans Parkway (43,180 VPD) and East Empire Street. The area is a major retail destination with tenants such as Lowe’s Home Improvement, Kohl’s, Bath & Body Works, Foot Locker, Old Navy, rue21, Dick’s Sporting Goods and DSW. Other tenants in the area include OSF Saint Joseph Medical Center and State Farm Insurance Corporate headquarters. There are 129,843 people living within five miles of the property earning an average annual household income of $85,912.
JOANN Fabric and Craft Stores was founded in 1943 as a single retail store. Today, JOANN is the nation’s leading fabric and craft specialty retailer. JOANN’s retail stores and website feature a variety of competitively priced merchandise used in sewing, crafting and home decorating projects, including fabric, notions, crafts, frames, paper crafting supplies, artificial floral and finished seasonal and home decor items. JOANN operates approximately 850 stores in 49 states.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both sides in the transaction. The seller was a Midwest based real estate firm and the buyer was a national real estate company.