The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant LabCorp office property located at 150 Spring Lake Drive in Itasca, IL for $6,250,000. Itasca is located in the Chicago MSA west of the Chicago O’Hare International Airport.
The 40,150 square foot LabCorp building is positioned on a 3.37 acre parcel within the Spring Lake Business Park. The Spring Lake Business Park also features the corporate headquarters of Knowles Corporation which is a publicly traded company (NYSE: KN) with a market capitalization of $1.5 billion. The property is benefitted by its location within the O’Hare industrial submarket which has a market vacancy 22% lower than the entire Chicago MSA. The property is benefitted by its location along Interstate 290/355 which experiences traffic volumes in excess of 225,000 vehicles per day. Chicago O’Hare International Airport, which is the 8th busiest airport in the world, is located approximately ten miles east of the property. The surrounding area is densely populated with over 225,000 people living within a five mile radius. The immediate area is affluent with average annual household incomes within a one mile radius in excess of $107,000.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based development firm. The purchaser was a local Midwest investment company.
There are over eight years remaining on the LabCorp lease which expires in December 2024. The lease features a 5% rental escalation in the primary term and rental escalation in each renewal option period. The building underwent a $7.2 million renovation which included a new roof, new HVAC units, new parking lot and new buildout designed to meet the needs of LabCorp. The building also features two loading docks. LabCorp is publicly traded on the New York Stock Exchange, LH, with a market capitalization in excess of $14 billion. LabCorp is an investment grade rated tenant with a Standard & Poor’s rating of BBB.
“The market for net lease properties in major MSAs remains active as these assets are in high demand among private investors.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “We are seeing many investors turn their attention to medical related office properties as they are highly resistant to e-commerce.”
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 $3 billion of single tenant net lease real estate transactions. From 2010-2015, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
Company Name: The Boulder Group
Contact Person: Randy Blankstein
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Address:666 Dundee Road, Suite 1801
Country: United States