The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant ground leased Portillo’s property located at 202 Landmark Drive in Normal, Illinois for $4,400,000. This sale marked the lowest cap rate for a Portillo’s property since 2017, according to Co-Star.
The new construction Portillo’s property is located along US-66 at the corner of a signalized intersection with excellent visibility. US-66, a primary north-south thoroughfare, experiences traffic counts of 30,000 VPD. The Portillo’s property is located near retailers including Walmart Supercenter, Meijer, TJ Maxx, Best Buy, Target, Menards, Sam’s Club and Von Maur. There are over 200,000 people living within five miles of the property. Portillo’s signed a 20 year ground lease in 2017. The lease features zero landlord responsibilities. Additionally, there are 10% rental escalations every five years.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented buyer in the transaction. The seller is Midwest based real estate developer and the purchaser was a private investor in a 1031 exchange.
“Single tenant restaurant properties continue to garner significant interest amongst private investors,” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “E-commerce resistant retailers continue to be in high demand amongst investors.”
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 $5 billion of single tenant net lease real estate transactions. From 2012-2018, 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
Email: Send Email
Address:3520 Lake Avenue Suite 203
Country: United States