The Boulder Group, a net leased investment brokerage firm, completed the sale of a single-tenant, net-leased Jewel-Osco property located at 20 S. Weber Road in Romeoville, Illinois. The asset traded for $18,600,000.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a private real estate investment company based in the southwest. The buyer is a private investor in a 1031 exchange based on the West Coast.
“The market for stand-alone grocery properties remains active due to their built-in customer base,” said Blankstein, president of The Boulder Group. Goodman, partner of The Boulder Group, added, “Investors pay a premium for long-term, net-leased assets which are in limited supply.”
The 67,507-square-foot building sits on a 7.56-acre parcel along the primary thoroughfare of Romeoville. Jewel-Osco is committed to this location as evidenced by their long operating history at this location (since 2002) and recently executed 20-year lease which expires in 2039. The lease is enhanced by a guaranty from Albertsons Companies, Inc. and features low rent per square foot ($15.50), rental escalations and eight five-year renewal option periods.