Boulder Group Negotiates Sale of Suburban Chicago Asset
Last year, Jewel-Osco committed to a 20-year, full-building lease renewal at the property.
Jewel-Osco. Image courtesy of The Boulder Group
The Boulder Group has facilitated the $18.6 million sale of a 67,507-square-foot Jewel-Osco retail asset in Romeoville, Ill. An individual investor acquired the single-tenant property in a 1031 exchange. President Randy Blankstein and Partner Jimmy Goodman negotiated on behalf of the seller, a private real estate investment company.
Located on roughly 8 acres at 20 S. Weber Road, the property was built in 2002 and underwent renovations in 2016. The building has been anchored by Jewel-Osco since it opened. Last year, the long-time tenant signed a 20-year lease renewal, which carries eight five-year extension options and is set to expire in 2039.
Nearly 140,000 people live within a 5-mile radius of the grocery store, according to The Boulder Group. The building is 34 miles from downtown Chicago, along Interstate 55. Other national retailers on the South Weber Road corridor include ALDI, Walmart, TJMaxx and AT&T. Earlier this month, The Boulder Group arranged the sale of an AT&T building in Maplewood, Minn., on behalf of Oakridge Realty.
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