The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Tuffy Auto Service Center (“Tuffy”) property located at 3190 North Aurora Road in Aurora, Illinois for $1,487,500.
Tuffy is the sole occupant of the 3,900 square foot retail building that was developed in 2007. The property is located just off of the heavily trafficked intersection of North Eola Road and North Aurora Road which experiences traffic counts in excess of 48,000 vehicles per day. A Jewel-Osco anchored development is across the street from the property that is located in an affluent area. Average household incomes within one mile are in excess of $137,000 annually. There are over thirteen years of primary lease term remaining.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller was a Chicago based private real estate investor and the buyer was in a 1031 exchange.
There are over 13 years remaining on the Tuffy lease that expires in November 2027. The lease features 10% rental escalations every five years. Tuffy is a chain of automotive service centers headquartered in Toledo, Ohio. The company is owned by the Tuffy Associates Corporation which also owns about 170 Car-X Tire and Auto stores. Today, there are over 235 Tuffy locations in 20 states across the eastern United States.
“The market for net lease properties in top tier MSAs remains robust as these assets are in high demand among private investors.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Properties featuring long term leases with multiple rental escalations throughout the primary term remain in the forefront of investor demand.”
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 $1.7 billion of single tenant net lease real estate transactions. From 2011-2013, 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