The Boulder Group, a net leased investment
brokerage firm, has completed the sale of a single
tenant CARQUEST property located at 809 Mitchell Street in Kinston, NC for
$635,000.
The 6,000 square foot CARQUEST
property is centrally located within the town of Kinston, North Carolina. The
property benefits from its location in a strong retail corridor. The property
is located approximately one and one-half miles from Vernon Park Mall, which is
anchored by Sears, Belk and Goody’s. Retailers located in the immediate
proximity of the property include Food Lion, McDonald’s, Rite Aid, First
Citizens Bank, and Family Dollar.
Jordan Kaufman of
The Boulder Group exclusively represented the seller in the transaction; a
North Carolina based private partnership. The purchaser was a private investor
in a 1031 Exchange from California.
CARQUEST has
approximately three years remaining on their absolute net lease that expires on
November 30, 2017. The lease features a 15% rental escalation in its first
renewal option. CARQUEST is a wholly
owned subsidiary of Advance Auto Parts, a publicly traded company that is also
investment grade rated (S&P: BBB-).
“Despite only having approximately three years remaining on
the primary term of the lease, we received significant interest in this
property amongst investors searching for higher yield” said Jordan
Kaufman, Vice 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 properties with short
term leases that are located in secondary markets.”
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 $2.1 billion of single tenant net lease real estate transactions. From 2011-2014, 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 $2.1 billion of single tenant net lease real estate transactions. From 2011-2014, 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
