CHICAGO - The Boulder Group completed the sale of a triple net leased Culver's property located in an affluent area of the Chicago MSA for $1.99 million.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a private partnership based in Milwaukee. The buyer was an Illinois-based high net worth individual. They were not identified.
The 4,453 square foot Culver's was built in 2003 and is located at 501 Pingree Rd. in Crystal Lake in a retail trade area just north of Northwest Highway. Nearby retailers include Target, Home Depot, Kohl's, Dominick's and Menards.
The property is situated where the average household incomes are in excess of $109,000 within five miles of the property. The building is leased to a Culver's franchisee entity on a triple net lease basis. There are about five years of the lease remaining, with 3% annual rental escalations.
“The market for net leased properties in Chicago and other major markets remains robust as these assets are in high demand among private investors.” Blankstein, President of The Boulder Group, says in a release.
Culver's is a privately owned fast food chain with over 450 locations in 19 states and the tenant at Pingree Road is a sole franchisee operator.
The Boulder Group is a net leased investment brokerage firm specializing in single tenant assets. It is headquartered in suburban Chicago.
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