The Boulder Group, a net leased investment brokerage firm, has completed the sale of a two-tenant strip center located at 720 West Williams Street in Apex, North Carolina for $2,300,000.
The two-tenant property is fully occupied by a corporately guaranteed Verizon Wireless store and Yong-In Martial Arts. The property is located adjacent to a Rite Aid at a signalized intersection. The signalized intersection of West Williams Road and Hunter Street experiences traffic counts in excess of 35,000 vehicles per day. The strip center is benefitted from its’ location adjacent to a Harris Teeter grocery anchored development and across the street from a Lowes Foods anchored development. There are five years remaining on both the corporately guaranteed Verizon Wireless lease and the Yong-In Martial Arts lease.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the seller and purchaser in the transaction. The seller was a North Carolina based partnership and the purchaser was an East Coast based private investment firm.
There are five years remaining on both the corporately guaranteed Verizon Wireless lease and the Yong-In Martial Arts lease. There is a 10% rental escalation in the renewal option for Verizon Wireless. Verizon Wireless is an investment grade tenant (S&P: BBB+) and is publicly traded (NYSE: VZ) with a market capitalization in excess of $205 billion.
“The market for net lease properties in top MSAs remains active 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, “As there are a limited amount of core assets in the market, some investors are seeking higher yielding assets such as multi-tenant strip centers.”
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 $1.7 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.