The Boulder Group, a net leased investment
brokerage firm, has completed the sale of a single
tenant net leased Advance Auto Parts property located at 1535 West Lane
Road in Machesney
Park, IL for $1,520,000.
Advance Auto Parts is the sole occupant of
the 6,124 square foot retail building that was developed in 2011. The property
is located on a 30,685 square foot parcel and is part of the 26 acre Willow Creek Retail Center developed by The Orput Companies. Machesney Park is located in the northwest portion of the Rockford MSA. Rockford is the
third largest city in Illinois and the largest city outside of the Chicago MSA. The property
featured a newly constructed building combined with a long term lease in a
prime location within the retail trade area.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented the seller, Orput Companies, in the transaction. The buyer was a California based private
investment firm.
Advance Auto Parts
had fourteen years of lease term remaining on an original fifteen year double
net lease with a rental escalation in the primary term. Advance Auto Parts is a
publicly traded company on the New York Stock Exchange (AAP), with a market
capitalization of $4 Billion. Advance Auto Parts is an investment grade rated
company with a Standard & Poor’s rating of BBB- that has over 3,500 stores
nationwide.
“The
market for net leased Advance Auto Parts properties remains strong as investors
are attracted to investment grade tenanted properties with long term leases”
said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group,
added, “There are limited property options for the private buyers seeking
investment grade companies with new fifteen year leases, therefore there was
tremendous activity for this asset and the property closed at full asking
price.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of more than $1.2 billion of net lease real estate transactions through several real estate cycles. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com
The Boulder Group is a boutique investment real estate service firm specializing in net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of more than $1.2 billion of net lease real estate transactions through several real estate cycles. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com
