(Northbrook, IL- April 12, 2017) – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a Target anchored strip center located at 177-179 West Army Trail Road in Glendale Heights, Illinois for $3,301,587.
The 5,000 square foot two-tenant retail shopping center is occupied by Sleep Number & Union Bank. The center is located at a signalized entrance to Target off Army Trail and Schmale Road in Glendale Heights, IL. The property is an outparcel to a 166,000 square foot Target and adjacent to Walmart and a new Art Van Furniture. This retail trade area includes high-quality national tenants such as Dick’s Sporting Goods, Old Navy, Ross Dress for Less, HomeGoods, Best Buy and many more. Glendale Heights is located approximately 30 miles West of Chicago.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer in the transaction; a Midwest based private real estate investor in a 1031 exchange. The seller was a national real estate developer.
There are approximately 10 years remaining on the two net leases and each feature rental escalations in the primary term and renewal option periods. Sleep Number is a line of beds with technology that sensors and monitor individual’s sleep. The company also offers bedding products. Union Bank is a full-service bank and subsidiary of the Mitsubishi UFJ Financial Group, one of the world’s leading financial groups.
“The market for net lease properties in top MSAs remains active as these assets are in high demand among private investors.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “The purchaser was attracted to this property due to its prime location and the strength of the two tenants.”