Randy Blankstein and John Feeney of The Boulder Group represented the seller who was a west coast based individual.
(PRUnderground) April 6th, 2021
The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant Dollar General located at 426 East Mississippi Avenue in Elwood, Illinois for $1,600,000.
The 9,026 square foot property is strategically located off of State Route 53, which is a primary north/south thoroughfare. Dollar General serves as a primary convenience shopping destination for residents in the area with limited competition. The property is positioned in close proximity to CenterPoint Intermodal Center with industrial tenants such as Walmart Distribution Center, Clearwater Paper Corporation, Georgia Pacific, Samsung, Simos Insourcing solution, and DSG Logistics. There are over 27,000 people living within seven miles of the property with an average annual household income of $94,000.
Randy Blankstein and John Feeney of The Boulder Group represented the seller who was a west coast based individual. The buyer was based in the Midwest and involved in a 1031 exchange.
This Dollar General property has over 10 years remaining on the primary lease term. There are five 5 -year renewal option periods with 10% rental escalations at the start of each. Dollar General is an investment grade rated company with a Standard & Poor’s rating of BBB. Dollar General operates more than 12,500 stores in 43 states.
“Newer construction properties with long term leases to investment grade rated tenants with rental escalations are the most sought-after net lease product” said Randy Blankstein, President of The Boulder Group. John Feeney, Senior Vice President of The Boulder Group, added, “The market for net leased dollar stores remains active after the start of the new year.”
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 2012-2020, 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.
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Original Press Release.
