16625 W. 159th St
CHICAGO—The Boulder Group has arranged the sale of a single-tenant, net leased Jewel-Osco property, Located at 16625 W. 159th St. in Lockport, IL, the building sold for $12.9 million.
“The market for standalone grocery properties remains active due to their built-in customer base,” said Randy Blankstein, president of The Boulder Group.
The 67,450-square-foot building was sold by an unnamed private real estate investment company based in the southwest, while the buyer is a private investor in a 1031 exchange.
“Investors pay a premium for twenty-year net leased assets which are in limited supply,” said Jimmy Goodman, partner of The Boulder Group.
The building is located on 10.3 acres with more than 100,000 people within a five-mile radius.
This Jewel-Osco location is at least the second to trade hands in the last month. As GlobeSt.com reported recently, DWS Group's RREEF Property Trust Inc. purchased the 92,800-square-foot Elston Plaza in the Avondale neighborhood. The shopping center, which is anchored by a Jewel-Osco, and includes 10 other tenants, sold for an undisclosed price.
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