The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant First Mid-Illinois Bank & Trust property located at 300 South Division Street in Carterville, Illinois for $1,075,000.
The 2,602 square foot building is strategically positioned just off of the signalized intersection of Division Street and Grand Avenue. Division Street is the primary north-south thoroughfare in the trade area while Grand Avenue is a primary east-west thoroughfare. The First Mid-Illinois Bank & Trust property is located approximately two miles northeast of the John A. Logan College which is part of the Illinois Community College System with approximately 7,500 students. There are over 26,000 people living within a five mile radius of the property.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based private investment trust. The purchaser was a Midwest based 1031 Exchange investor.
There are approximately six years remaining on the net lease which expires in October 2022. The lease features annual rental escalations and zero landlord responsibilities. The bank was first chartered in 1865 and has since grown into a more than $2 billion community-focused organization that provides financial services through a network of 46 banking centers in 33 Illinois communities. First Mid-Illinois Bank & Trust is a publicly traded company (NASDAQ: FMBH).
“Net lease properties with high yields due to shorter term leases are highly sought after amongst the investment community.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Single tenant assets leased to banks are difficult to find priced in the million dollar range.”
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 CoStar and Real Capital Analytics. 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