The Boulder Group completed the sale of a single-tenant, net leased Jewel-Osco property located at 199 Brook Forest Avenue in Shorewood, Illinois. A 1031 investor based in California acquired the asset for $13,150,000.
Boulder Group president, Randy Blankstein, and partner, Jimmy Goodman, represented the seller in the transaction—a private real estate investment company based in the southwest. “The market for stand-alone grocery properties remains active due to their built-in customer base,” said Blankstein.
The 66,437-square-foot, net leased Jewel building sits on a 14.55 acre parcel in an affluent suburb of Chicago. The property is strategically located at the signalized intersection of Brook Forest Avenue and Jefferson Street which experiences a combined traffic count of 52,800 vehicles per day. The property is also less than one-half mile from Interstate 55 with interchangeable access to the 75,100 vehicles that travel the thoroughfare per day.
“Investors pay a premium for twenty-year net leased assets which are in limited supply,” Goodman said.
National retailers located in the area include Walmart, Target, Home Depot, Party City, Staples and a number of national banks, auto shops and quick service restaurants. The property is also located within close proximity to multiple residential communities, local businesses and schools. There are over 55,000 people living within a three mile radius of the property with average annual household incomes of $100,648 per year.