The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Kroger property located at 2701 Columbus Street in Ottawa, Illinois for $2,712,000.
The 44,038 square foot property was built in 1982 and is located in the primary retail trade area of Ottawa. The property is located along Columbus Street, a primary thoroughfare in the area, which experiences traffic volumes in excess of 18,000 vehicles per day. There are multiple signalized points of ingress and egress along Columbus Street, which provides consistent traffic at the site. Kroger is located within the regional trade area which features a Wal-Mart Supercenter and a site that Menard’s has targeted for a future location. Ottawa is located 80 miles southwest of downtown Chicago. Ottawa is home to Starved Rock Park, an Illinois State Park, which experiences more than two million visitors annually.
This is a proven location for Kroger since 1982 and they are committed to the area as evidenced by the recent execution of their second renewal option. The building is leased to Kroger on a triple net basis with four years remaining. Kroger is a publicly traded company on the New York Stock Exchange (KR) with a market capitalization of $13 billion. Kroger is an investment grade rated company with a Standard & Poor’s rating of BBB.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller; an Illinois limited partnership, in the transaction. The buyer was a California limited liability company.
“The market for net leased properties with shorter term leases remains active as investors are attracted to the higher yield these assets generate” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Single tenant grocery stores with proven sales are in high demand.”
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 $1.6 billion of single tenant net lease real estate transactions. In 2011 and 2012, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago.