CRE Midwest

The Boulder Group arranges sale of single tenant leased Culver’s property

culvercov

The Boulder Group has completed the sale of a triple net leased Culver’s property located at 501 Pingree Road, Crystal Lake, for $1.9 million.

The Boulder Group has completed the sale of a triple net leased Culver’s property located at 501 Pingree Road, Crystal Lake, for $1.9 million.

The 4,453-square-foot Culver’s was built in 2003 and. The property is positioned in a retail trade area just north of Northwest Highway, a primary traffic thoroughfare in the area. Nearby retailers include Target, Home Depot, Kohl’s, hhgregg, Dominick’s and Menards.

The property is located in an affluent area of the Chicago MSA with average household incomes in excess of $109,000 within five miles of the property. The building is leased to a Culver’s franchisee entity on a triple net lease basis.

There are approximately five years of lease term remaining with 3 percent annual rental escalations. Culver’s is a privately owned fast food chain with more than 450 locations in 19 states, and the tenant is a sole franchisee operator.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a private partnership based in Milwaukee.  The buyer was an Illinois based high net worth individual.