Niles, Ill. — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant trophy Walmart ground lease located at 5630 West Touhy Avenue in Niles for $9.69 million. The property was sold at the lowest cap rate ever recorded for a single-tenant Walmart property transaction above $5 million, according to Real Capital Analytics.
The Walmart property is located within an affluent area just north of Chicago. The Walmart anchors Pointe Plaza, a 330,000-square-foot development that also features Ross Dress For Less, Walgreens, Fresh Farms International Market, Dress Barn and Babies”R”Us.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer and the seller in the transaction. The seller was a Midwest-based real estate development and investment company. The purchaser was a high-net-worth individual from California in a 1031 Exchange.