The Boulder Group, a net-leased investment brokerage firm, completed the sale of a single-tenant net-leased Chick-fil-A property located at 11301 S Corliss Avenue in Chicago, Illinois, for $3.3 million.
The newly constructed Chick-fil-A drive-thru is operating under a 15-year ground lease with 10% rental escalations every five years and eight five-year renewal options. The property is located at the southeast corner of the newly revitalized Pullman Park development, which encompasses 180 acres.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The buyer is a local private investor, and the seller is a real estate developer in Chicago.“New construction Chick-fil-A assets garner significant investor interest due to their passive investment nature”, said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “QSR properties with lower rents are of significant interest to 1031 exchange investors.”
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