Chicago & Midwest + Greater Chicagoland + Retail | January 24, 2019

Standalone Jewel-Osco Trades in 1031 Exchange

The Boulder Group recently completed the sale of a single-tenant net leased Jewel-Osco property at 1660 Larking Ave., Elgin, IL for $14.8 million.

Randy Blankstein and Jimmy Goodman of the Boulder Group represented both the buyer and seller in the transaction. The seller is a private real estate investment company based in the Southwest. The buyer is a Los Angeles-based real estate firm in a 1031 exchange.

The 69,129-square-foot building was remodeled in 2009. The store generates above-average sales and has approximately 19 years remaining on the lease. The property is also near Presence Saint Joseph Hospital.

“The market for standalone grocery properties remains active due to their built-in customer base,” said Boulder Group president Blankstein. Added Goodman, partner of the firm, “Investors pay a premium for 20-year net leased assets which are in limited supply.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).