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Northbrook, IL, United States, 2012/03/09 - Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago investment firm, in the transaction - BoulderGroup.com.
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant triple net leased White Castle property located at 211 West Roosevelt Road in Maywood, IL for $838,700.
White Castle is the sole occupant of the 1,400 square foot retail building that was developed in 1992. The property is located on a 21,000 square foot parcel across the street from the Loyola University Medical Center in Maywood, IL. Maywood is located in the western suburbs of Chicago. Maywood is located in Cook County, Illinois and is located less than fifteen miles from Downtown Chicago. The property featured a recently renewed ten year lease combined with a prime location within the retail trade area.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago investment firm, in the transaction. The buyer was a London based private investor.
White Castle had ten years of lease term remaining on a triple net lease with a rental escalation in the primary term. White Castle is a private company that started in 1921 and has over 420 locations primarily in the Midwestern United States.
“The market for net leased restaurants in primary markets remains strong as there is an increased investor base demanding properties in the one million dollar range.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added,“There are limited property options for private buyers seeking nationally branded properties that do not want to purchase a dollar store, therefore there was tremendous activity for this asset and the property closed at full asking price.”
About The Boulder Group
The Boulder Group (bouldergroup.com) is a boutique investment real estate service firm specializing in 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 more than $1.2 billion of net lease real estate transactions through several real estate cycles. The Boulder Group is headquartered in suburban Chicago.