The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Shopko Hometown property located at 110 Watters Drive in Dwight, Illinois for $2,115,000.
The 26,254 square foot Shopko Hometown property is strategically located along Interstate 55 approximately 75 miles southwest of downtown Chicago. There are approximately 6,000 people living within a five mile radius earning average annual household incomes in excess of $61,000. Following the Shopko and Pamida merger, the building was converted to a Shopko Hometown.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based private real estate investor. The purchaser was an individual based on the East Coast in a 1031 Exchange.
Shopko Hometown has approximately 8 years remaining on their lease which expires in May 2024. The absolute net lease features three 5-year renewal option periods. Shopko is a privately owned $3 billion retailer with 323 stores in 21 states.
“The Midwest net lease market remains strong for corporately guaranteed single tenant properties,” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “There has been an increase in demand for non-investment grade properties as they generate higher yields than the typical core net lease assets.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $3 billion of single tenant net lease real estate transactions. From 2010-2015, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar.
The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Address:666 Dundee Road, Suite 1801
Country: United States