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.
www.bouldergroup.com
www.bouldergroup.com
