The
Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Advance Auto Parts
property located at 1200 West Chicago Avenue in East Chicago, Indiana for
$1,530,000. East Chicago is a suburb of Chicago located in Northwest Indiana.
The newly constructed Advance Auto Parts
property is strategically located along West Chicago Avenue which is a primary
east-west thoroughfare in the trade area. The surrounding area is densely concentrated
with commercial buildings and residential homes. The Advance Auto Parts
property is ideally situated in a densely populated area with over 82,000
people living within a three mile radius. The immediate trade area features
many local and national retailers including Walgreens, PNC Bank, Strack &
Van Til Grocers, McDonald’s, Dollar General, Burger King and Citizen Financial
Bank.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented the seller in the
transaction; a Midwest based private developer. The purchaser was a private
investor in a 1031 Exchange based on the East Coast.
There
are approximately 14 years remaining on the new Advance Auto Parts lease that
expires in March 2030. The lease features 7.5% rental escalation in each renewal
option period. Advance Auto Parts is the largest retailer of automotive
replacement parts and accessories in the United States and is an investment
grade rated company (S&P: BBB-).
“The market for net lease properties in major 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, “The market for new construction net leased
auto parts stores remains active as these assets offer investors long term
leases to investment grade rated tenants.”
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 $3 billion of single tenant net lease real estate transactions. From 2010-2015, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. 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 $3 billion of single tenant net lease real estate transactions. From 2010-2015, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
