Boulder Group Brokers $13M Jewel-Osco Deal
- May 04, 2018
The Boulder Group has arranged a new net-leased retail property deal in the Chicago metro area. The 63,400-square-foot Jewel-Osco store is located at 17930 Wolf Road in Orland Park, Ill., and was sold to a West Coast 1031 investor for $12.7 million. The grocery store’s lease expires in 20 years.
“The market for standalone grocery properties remains active as investors are attracted to the superb locations,” said The Boulder Group President Randy Blankstein, in prepared remarks. Blankstein and Jimmy Goodman, a partner with the firm, brokered the deal on behalf of the seller, a private real estate investment company based in the southwest.
Strong area demographics
The asset, which was last renovated in 2009, features a drive-thru pharmacy and a large parking lot accommodating up to 450 vehicles. It is located at the corner of a signalized intersection where the daily traffic volume reaches approximately 29,000 vehicles.
More than 45,000 people live within a three-mile radius of the property, having an average household income of approximately $122,000. Other retailers in the nearby area include Walgreens, Chase Bank, Starbucks, McDonald’s, PNC Bank and Anytime Fitness.
Image courtesy of The Boulder Group