The Boulder Group completed the sale of a single-tenant net-leased Chipotle property at 2302 Thornton Lansing Road in Lansing, Illinois, for $2.33 million.
The newly constructed Chipotle has a 15-year NNN lease term with 10% rental escalations every five years and four five-year renewal options.
The property is strategically positioned at the signalized intersection of Torrence Ave (29,400 VPD) & Thornton Lansing Rd (11,100 VPD, directly across the street from Starbucks. The property benefits from its location less than one mile from Interstate 94 (150,700 VPD) and 25 miles from downtown Chicago.
Retailers nearby include Walmart, Walgreens, Dollar Tree, O’Reilly Auto Parts, AutoZone, Jiffy Lube, McDonald’s, Dunkin’, Dairy Queen, Popeyes, Burger King, Subway, Wingstop, T-Mobile, AT&T, Planet Fitness, and Citgo.
The surrounding area features strong demographics, with a population of 225,463 within a 5-mile radius and an average household income of $82,608 within 5 miles.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer and seller in the transaction. The purchaser is a 1031 exchange buyer and the seller is a Midwest-based developer.
