The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Andigo Credit Union ground lease located at 990 S Barrington Rd in Streamwood, Illinois for $2,250,000.
The Andigo Credit Union property is strategically located along Barrington Road (28,200 VPD), which is a primary north-south thoroughfare, and just off of Irving Park Road (34,600 VPD). The property is well positioned in a retail corridor with Walmart Supercenter, Target, Menards, Home Depot, Jewel-Osco, Kohl’s and Walgreens. The Andigo is also outparcel to an LA Fitness anchored shopping center, where LA Fitness recently signed a new 15 year lease. There are over 260,000 people living within five miles of the property with an average household income of approximately $100,000.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller is a Midwest based real estate group. The buyer was a private real estate company based in the Southwest.
The new fifteen year Andigo Credit Union lease features 12% rental escalation every five years and three 5-year renewal options. The ground lease has zero landlord responsibilities. The property was constructed in 2019. Andigo was formerly known as Motorola Employee’s Credit Union and changed its name to Andigo in 2016. Andigo is a not-for-profit, member-owned credit union with $880 million in assets. Andigo currently serves the needs of members from these organizations: Google, Jim Beam, Kinder Care, Motorola Mobility, Motorola Solutions and Nokia among others. Andigo currently has 7 branches across Chicago. Consumers Credit Union and Andigo Credit Union have announced the intent to merge later this year, subject to regulatory and member approvals. The combined credit union would operate under Consumers Credit Union’s name and would serve more than 156,000 members and have over $2.1 billion in assets, making the new credit union the 5th largest in Illinois and one of the 130 largest credit unions in the US.
“Bank properties with sound fundamentals continue to garner significant investor interest,” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Net Lease investors continue to be attracted to ground leased properties with no landlord responsibilities.”
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 $6 billion of single tenant net lease real estate transactions. From 2012-2019, 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.
For more information, visit: www.bouldergroup.com
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Email: Send Email
Address:3520 Lake Avenue Suite 203
Country: United States