The Boulder Group, a net leased investment
brokerage firm, has completed the sale of a new
construction single tenant Petco property located at 298 Spring Creek Drive in
Franklin, TN for $3,190,000.
The newly constructed 10,903 square foot
Petco is located in a thriving retail corridor along Interstate 65. The
building is adjacent to a Kohl’s and Walmart Supercenter. The surrounding area
is affluent with average annual household incomes of approximately $130,000
within a seven mile radius. The CoolSprings Galleria, a 1.1 million square foot
regional mall, is located less than two miles from the property. Petco has ten
years remaining on their lease.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented the buyer in the
transaction; a Florida based private real estate investor in a 1031 Exchange.
The seller was a southeastern based developer.
The
newly constructed Petco has a lease for ten years and expires January 31, 2025.
The lease features rental escalations every five years throughout the primary
term and renewal option periods. Petco is a privately held pet specialty
retailer with over 1,300 locations across the United States, Mexico, and Puerto
Rico.
“The
market for net leased properties in top MSA’s 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, “Properties
featuring long term leases with rental escalations throughout remain in the
forefront of 1031 investor 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.