The Boulder Group, a net-leased investment brokerage firm, completed the sale of a single-tenant P.F. Chang’s located at 2361 Fountain Square Drive in Lombard, Illinois, for $4,782,500.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller was a Midwest-based real estate investor, and the buyer was a real estate investment trust. “P.F. Chang’s has operated from this location since 2000 and has demonstrated continued commitment,” said Randy Blankstein, President of The Boulder Group.

The 10,682-square-foot building benefits from its position off Butterfield Road, which is a dense retail thoroughfare positioned near Interstate 88. Tenants occupying the area include DICK’S, Target, The Home Depot, Costco, Chick-Fil-A, Starbucks, Ethan Allen, Uncle Julio’s, and many others. Additionally, P.F. Chang’s backs up to The Hyatt Place, Fountain Square Condominiums, and Sunrise Senior Living.

Jimmy Goodman of The Boulder Group added, “Strong-performing restaurants continue to garner interest so long as the asset has solid real estate fundamentals.”

Landmark Properties acquired a 15-acre site near the University of Colorado Boulder (CU Boulder). The firm will begin construction on The Standard at Boulder, a 936-bed student housing community. The project caps off approximately $700 million in year-end transactions for Landmark in 2023.

The planned 447,000-square-foot building will include 303 student apartments. Landmark Properties expects to begin abatement and demolition of the existing hotel on the site, former home to the Harvest House Hotel, in early 2024. Landmark Construction, the construction arm of Landmark Properties, will be the general contractor, with completion expected in Fall 2027. 

The four-story Standard at Boulder community will offer students a mix of floorplans ranging from studios to four-bedroom options – some with private balconies. Residents will have access to 29,000 square feet of amenities, including multiple rooftop decks, an outdoor pool and pool deck, a club room and several study lounges, as well as parking for 348 vehicles and electric vehicle charging stations.