The Boulder Group has completed the sale of a single tenant net leased Burger King property located at 2345 South Pulaski Road in Chicago, Illinois for $2,385,000.
Burger King is the sole occupant of the 2,980 square foot building that was developed in 2009. The property is located at the intersection of South Pulaski Road and 24th Street. South Pulaski is a primary north-south thoroughfare in Chicago. Pulaski Road has a full access interchange with Interstate 55 one and one-half miles south of the property. The Burger King is positioned as an outparcel to a recently developed multi-tenant shopping center anchored by Advance Auto Parts and DaVita Dialysis. Burger King’s original 20 year lease expires in December 2029 and features 5% rental escalations every five years throughout the primary term and renewal option periods.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller was a Chicago based private partnership and the purchaser was a high net worth individual based in New York.
Burger King has over 15 years remaining on their triple net lease that expires in December 2029. The lease features 5% rental escalations every five years throughout the primary term and renewal option periods. The lease is guaranteed by Heartland Midwest LLC, a wholly owned subsidiary of Heartland Food Corporation, which is the second largest Burger King franchisee in the United States.