January 24, 2019
The Boulder Group recently completed the sale of a single-tenant net leased Jewel-Osco property at 1660 Larking Ave., Elgin, IL for $14.8 million.
Randy Blankstein and Jimmy Goodman of the Boulder Group represented both the buyer and seller in the transaction. The seller is a private real estate investment company based in the Southwest. The buyer is a Los Angeles-based real estate firm in a 1031 exchange.
The 69,129-square-foot building was remodeled in 2009. The store generates above-average sales and has approximately 19 years remaining on the lease. The property is also near Presence Saint Joseph Hospital.
“The market for standalone grocery properties remains active due to their built-in customer base,” said Boulder Group president Blankstein. Added Goodman, partner of the firm, “Investors pay a premium for 20-year net leased assets which are in limited supply.”
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