A single tenant net leased Jewel-Osco property located at 4650 W. 103rd St., Oak Lawn, IL, just became the latest such outlet to change hands.
CHICAGO—Grocery stores throughout Chicagoland are getting looks from national and international investors. A single tenant net leased Jewel-Osco property located at 4650 W. 103rd St., Oak Lawn, IL, just became the latest such outlet to change hands after a high net worth investor from Australia bought the 47,370 square foot building for $16 million.
Randy Blankstein and Jimmy Goodman of The Boulder Group, a Wilmette, IL-based net leased investment brokerage firm represented the seller and the buyer in the transaction. The seller is a private real estate investment company based in the southwest.
“The market for standalone grocery properties remains active due to their built-in customer base,” says Blankstein, president of Boulder. Goodman, a partner, adds, “investors pay a premium for twenty year net leased assets which are in limited supply.”
This store sits on a 3.65-acre parcel in a densely populated residential area of suburban Chicago. The property is located immediately off of the signalized intersection of 103rd St. and Cicero Ave. which experiences a combined traffic count of 66,200 vehicles per day. The property has easy interchangeable access along 103rd St. Retailers located in the immediate area include Marshalls, Planet Fitness, Walgreens, Chase Bank, Firestone Auto Care, AutoZone, Starbucks and McDonald's. In addition, Advocate Christ Medical Center, a 749-bed hospital that sees over 100,000 patients annually and is part of the largest health system in IL, is located roughly one-mile from the property. There are over 168,400 people living within a three-mile radius of the property with average annual household incomes in excess of $80,500 per year.
Boulder Group also recently completed the sale of a single tenant net leased Jewel-Osco property located at 199 Brook Forest Ave., in suburban Shorewood, for $13.15 million. Furthermore, CBRE recently arranged sales of six Mariano's Fresh Market properties including deals in Palatine, Hoffman Estates, Frankfort, Lake Zurich, and Harwood Heights.
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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.
