The
Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Insurance Auto Auctions,
Inc. (IAAI) property located at 891 Ballardsville Road in Eminence, Kentucky
for $5,619,000. IAAI is one of the leading North American salvage auto auctions
with the largest facility footprint, strong buyer base and high auction
returns.
The
30 acre Insurance Auto Auctions, Inc. property is strategically located along
Ballardsville Road which is the primary east-west thoroughfare in the trade
area. The property is located less than 40 miles east of downtown Louisville,
less than 60 miles north of downtown Lexington and roughly 75 miles south of
Cincinnati. The property serves customers nationwide but in particular
Louisville, Cincinnati and Lexington.
Since
first opening the Eminence location in November 2015, IAAI has served both
dealer buyers and public buyers. The
company operates 171 locations nationwide and is one of three business
divisions of KAR Auction Services, a publicly traded company with a market
capitalization in excess of $5.5 billion.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented the seller in the
transaction; a Southwest based private developer. The purchaser was an
institutional investor based on the East Coast.
There
are approximately 19 years remaining on the IAAI absolute tripe net lease that
expires in November 2035. The lease features annual consumer price index and
three 5-year renewal options.
“The
market for industrial net lease properties remains active as these assets are
in high demand among both institutional and private investors.” said Randy
Blankstein, President of The Boulder Group.
Jimmy Goodman, Partner of The Boulder Group, added, “The purchaser was
attracted to this property due to its strategic location, positioned to serve
three strong 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 $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
