The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Advanced Auto Parts property located at 600 Baldwin Street in Jenison, Michigan for $1,415,000.
Advance Auto Parts is the sole occupant of
the 7,000 square foot retail building that was developed in 2005. The property
is located on a 44,867 square foot parcel on Baldwin Street. Baldwin Street is
a heavily trafficked roadway with 28,000 vehicles passing the site daily. The
property is situated on a hard corner at the entrance to a Meijer. The property
is fully leased to Advance Auto Parts with seven years of lease term remaining
and the lease has a ten percent rental escalation in the in the primary term.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented the seller, a Midwest based
private individual, in the transaction. The buyer was an East Coast based high
net worth individual.
Advance Auto Parts
has seven years of lease term remaining on an original 15 year lease. Advance
Auto Parts is a publicly traded company on the New York Stock Exchange (AAP),
with a market capitalization of $7 billion. Advance Auto Parts is an investment
grade rated company with a Standard & Poor’s rating of BBB- and has over
3,900 locations nationwide.
“Properties
leased to investment grade rated tenants with scheduled rental escalations like
this Advanced Auto Parts, will continue to be sought after as a hedge against
inflation.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group,
added, “Properties that are valued below $2 million are receiving the most
activity in the private buyer and 1031 exchange sectors.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant 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 over $1.6 billion of single tenant net lease real estate transactions. In 2011 and 2012, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
The Boulder Group is a boutique investment real estate service firm specializing in single tenant 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 over $1.6 billion of single tenant net lease real estate transactions. In 2011 and 2012, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
