CHICAGO—The market for net lease properties has been on fire recently, and a Walmart in suburban Chicago was just sold at the lowest cap rate ever recorded for a single tenant Walmart transaction above $5 million, according to Real Capital Analytics.
The Boulder Group, a net leased investment brokerage firm in suburban Northbrook, completed the sale of a Walmart ground lease located adjacent to Chicago at 5630 West Touhy Ave. in suburban Niles for $9,685,000 and a cap rate of 4.89%, Randy Blankstein, president of Boulder, tells GlobeSt.com. The store anchors Pointe Plaza, a 330,000 square-foot development that also features Ross Dress For Less, Walgreens, Fresh Farms International Market, Dress Barn and Babies 'R' Us.
Boulder officials did not disclose the identities of the parties involved in the transaction, but say the seller was a Midwest based real estate company and the purchaser was a high net worth individual from California in a 1031 Exchange. Blankstein and Jimmy Goodman, a partner of Boulder, represented both the buyer and the seller.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
