The Boulder Group, a net leased investment
brokerage firm, has completed the sale of single
tenant SunTrust Bank ground lease located at 3334 Virginia Beach Boulevard in
Virginia Beach, VA for $2,000,000.
The SunTrust Bank property is
located along Virginia Beach Boulevard, a primary east-west thoroughfare in the
area. The property is located at a signalized intersection at the entrance to a
Kroger and Home Depot anchored development. Other retailers located in the
immediate vicinity include Sam’s Club, BJ’s Wholesale, Burlington Coat Factory,
Walgreens, and many others. There are approximately five years remaining on the
ground lease.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented the purchaser in the
transaction who was a private investor from the West Coast. The seller was an
East Coast real estate investment firm.
SunTrust Bank has
approximately five years remaining on their ground lease that expires September
8, 2019. This is a strong performing branch with above average deposits.
SunTrust Bank is an investment grade rated company with a Standard and Poor’s
rating of BBB.
“The market for bank ground leases is at historic low levels”
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 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 $1.8 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
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 $1.8 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
