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Northbrook, IL, United States, 2012/06/28 - Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest based partnership in the transaction. The buyer was a high net worth individual located in Canada - BoulderGroup.com.
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant Budget Rent a Car property located at 8940 S. Cicero Avenue in Oak Lawn, IL for $1,135, 000.
Budget is the sole occupant of the 2,500 square foot retail building that was developed in 1985. The property is located on a 29,519 square foot parcel along Cicero Avenue in Chicago, IL. Cicero Avenue is a heavily trafficked roadway with 48,000 vehicles passing the property daily. The property has over 230 feet of frontage along Cicero Avenue. The property is fully leased to Budget Rent a Car with four years of lease term remaining and has two renewal option terms remaining.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest based partnership in the transaction. The buyer was a high net worth individual located in Canada.
Budget Rent a Car has four years of lease term remaining on an original fifteen year lease. The Avis Budget Group is a publicly traded company on the NASDAQ Stock Market (CAR), with a market capitalization of $1 Billion. The Avis Budget Group has 10,000 locations and employs 28,000 people.
“The market for single tenant properties with shorter term leases is becoming more active as investors are attracted to the high yield these properties generate” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added,“While single tenant properties are selling in all types of locations; core markets, like Chicago, are at the forefront of investor demand.”
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.