SPRINGFIELD, IL – [September 23, 2021] – Blue West Capital has completed the sale of a single tenant net leased Party City located at 3329 South Veterans Parkway in Springfield, IL for $2,750,000. The property sold for 99% of the asking price.
Party City relocated to the 21,500 square foot property in 2016 from a smaller nearby location. The Party City lease is corporately guaranteed and features minimal landlord responsibilities. Party City is a publicly traded company (NYSE: PRTY) with a market capitalization of $775 million.
The Party City is strategically positioned along South Veterans Parkway in a regional retail destination that includes Walmart Supercenter, Target, Meijer, Menards, Hobby Lobby, Lowe’s, Sam’s Club, Best Buy, White Oaks Mall (Simon Property Group owned) and many others. The surrounding area is affluent with average annual household incomes of approximately $100,000 within three miles. Springfield is the capital of Illinois with a population of approximately 115,000 people. This is the only Party City serving the Springfield community.
Zach Wright, of Blue West Capital, represented the seller in the transaction. The seller was a Midwest-based real estate investment firm. The purchaser was a Northeast-based 1031 exchange investor.
“Well-located single tenant properties continue to be at the forefront of demand. We received interest and offers from local investors and coastal investors alike due to the property’s strategic positioning within a regional corridor,” said Zach Wright, Director & Partner.
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