BOULDER GROUP ARRANGES $2.2M SALE OF IHOP PROPERTY IN METRO CHICAGO
GURNEE, ILL. — The Boulder Group has completed the $2.2 million sale of a single-tenant IHOP property in Gurnee, approximately 40 miles north of Chicago. The property is located at 5670 Northridge Drive. The IHOP is an outparcel to Six Flags Great America, a 304-acre theme park. The restaurant is also near Gurnee Mills, a 1.8-million-square-foot indoor mall featuring Bass Pro Shops, Macy’s, Kohl’s, T.J. Maxx, Burlington Coat Factory and Sears. IHOP has approximately two years remaining its lease, which expires February 29, 2016. The lease is triple-net and features no landlord responsibilities. IHOP is a subsidiary of DineEquity. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Florida-based private individual. A Chicago-based real estate investor purchased the property in a 1031 tax-deferred exchange.