The Boulder Group Goes Shopping in Peoria
- Aug 17, 2015
The Boulder Group continues to add to its Windy City portfolio. The company recently completed the sale of a 1.86-acre retail property in Peoria, Ill. for $2.8 million.
The Northbrook, Ill.-based firm brokered the sale of the single-tenant OfficeMax property located at 200 Riverside Drive in East Peoria, the suburb’s primary retail area that is home to tenants such as Kohl’s, Target, Costco, Walmart Supercenter and many others. The asset is also strategically located along the I-74, which is accessed by more than 60,000 vehicles per day.
President Randy Blankstein and Partner Jimmy Goodman represented the seller—a family partnership based in the Midwest. The buyer of the property is a Northeast-based high net worth individual.
“Net lease properties with residual real estate value are highly sought after amongst the investment community,” said Randy Blankstein. “Investors are particularly attracted to properties where the tenant has a long operating history at a particular location,” added Jimmy Goodman.
According to The Boulder Group, there are more than eight years remaining on OfficeMax’s lease at the site, which expires in October 2023. The lease features two five-year renewal option periods, each with rental escalations.
Image courtesy of The Boulder Group