The Boulder Group, a net leased investment brokerage firm, completed the sale of a net leased Just Tires (a wholly owned subsidiary of Goodyear) property located at 9246 Waukegan Road in Morton Grove, Illinois for $1,487,500.
The 4,600 square foot building is ideally located at the hard corner of a signalized intersection along Waukegan Road (26,000+ VPD), which is a primary north-south thoroughfare. Additionally, the property can be easily accessed from Interstate 94 (167,000 VPD). There are over 375,000 people living within five miles of the property with an average household income of $119,655.
Just Tires has a long successful operating history at the location. The lease has approximately ten years remaining which expires January 31, 2030. The lease is double net and has four 5-year renewal options. There is also a rental escalation in 2023 of the primary term. Just Tires is a subsidiary of the larger Goodyear Tire brand. Goodyear is one of the top tire manufacturers in the world and has a market cap of over $1.5 billion.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a local real estate investor. The buyer was a local investor in a 1031 exchange.
“Investors continue to seek properties with quality real estate fundamentals and where the tenant has a long operating history” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Properties within retail trade areas continue to garner significant interest amongst private 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 $6 billion of single tenant net lease real estate transactions. From 2012-2019, 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