Northbrook, IL -- (SBWIRE) -- 03/12/2014 -- The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Northwestern Memorial Hospital property located at 350 South Waukegan Road in Deerfield, IL for $7,250,000.
Northwestern Memorial Hospital is the sole occupant of the 16,737 square foot medical office building that was developed in 2013. The property is located on a 1.87 acre parcel along Interstate 94 in an affluent suburb. There are approximately 170,000 people living within a five mile radius earning annual household incomes in excess of $132,000. The property is fully leased to Northwestern Memorial Hospital with fourteen years of lease term remaining and 2.5% annual rental escalations.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago based real estate firm, in the transaction. The buyer was a high net worth individual located in California in a 1031 exchange.
Northwestern Memorial Hospital has fourteen years of lease term remaining on an original 15 year lease. The lease features 2.5% annual rental escalations and two 5-year renewal options. Northwestern Memorial Hospital is one of the Country’s premier academic medical center hospitals. Northwestern Memorial Healthcare is an investment grade rated company with a Moody’s rating of Aa2.
“The market for net leased medical office in Chicago and other core markets remains robust as these assets are in high demand among 1031 Exchange investors.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Core market single tenant assets with solid real estate fundamentals continue to be in the greatest demand.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $1.7 billion of single tenant net lease real estate transactions. From 2011-2013, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago.