The Boulder Group completed the sale of a single-tenant net-leased restaurant property occupied by Steak ’n Shake in Aurora, Illinois, for $1.27 million.
The property is located at 4333 Fox Valley Center Drive, near the intersection of Illinois Route 59 and New York Street. The property sits across from Fox Valley Mall, a roughly 1,500,000-square-foot regional shopping center anchored by Macy’s and JCPenney.
Nearby national retailers include Costco, Whole Foods Market, The Home Depot, Menards and Meijer. Randy Blankstein, Jimmy Goodman and John Feeney of The Boulder Group represented both parties in the transaction. The seller was an investment group that had held the property as part of a net lease portfolio. The buyer was a local investor acquiring the property as a net-leased investment.
“Investor appetite for net leased restaurant properties along established retail corridors has remained steady, even with interest rates holding higher for longer,” said Blankstein.
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