The Boulder Group, a net leased investment
brokerage firm specializing in single tenant assets, has completed the sale of
a single tenant TCF Bank ground lease located at 6501 Richfield Parkway,
Richfield, Minnesota for $2,869,000.
TCF
Bank is the sole occupant of the 4,500 square foot retail building that was
developed in 2007. The property is located on a 1.01 acre parcel within Cedar
Point Commons, a Target and Home Depot anchored shopping center. Cedar Point
Commons is located off Highway 77 at the intersection of 66th Street and
Richfield Parkway. The property is located approximately two miles north of the
Mall of America and an IKEA in a dense area with over 300,000 people living
within five miles of the property. There are high barriers to entry in the area
as the land directly across Highway 77 is used for the Minneapolis/St. Paul
International Airport. The lease had fifteen years remaining at the time of
sale and features multiple rental escalations in the primary term.
TCF
Bank is an investment grade rated company with a Standard & Poor’s rating
of BBB- and has over 430 locations. TCF Bank has fifteen years of lease term
remaining on an original twenty year triple net ground lease. TCF Bank is a
publicly traded company on the New York Stock Exchange (TCB), with a market
capitalization of $2 billion.
Randy
Blankstein and Jimmy Goodman of The Boulder Group represented the seller; a
Midwest based private developer. The buyer was a West Coast based family trust.
“The
market for bank ground leases with investment grade tenants remains strong as
investors are attracted to the typical long term leases with rental
escalations.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group,
added, “Core market single tenant assets with solid real estate fundamentals
continue to be in the greatest demand.”
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 $1.6 billion of net lease real estate transactions through several real estate cycles. The firm was ranked in the Top 10 companies in the nation for single tenant retail transactions in 2012 by Real Capital Analytics. 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 $1.6 billion of net lease real estate transactions through several real estate cycles. The firm was ranked in the Top 10 companies in the nation for single tenant retail transactions in 2012 by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com
