The Boulder Group, a net leased investment
brokerage firm, has completed the sale of a single
tenant net leased Perkins Restaurant & Bakery located at 3005 Highway 10
East in Moorhead, Minnesota for $2,100,000.
Perkins Restaurant
& Bakery is located in Moorhead, Minnesota, which is part of the
Fargo-Moorhead metropolitan area. Perkins has occupied this site since the
structure was built in 1994 and updated in 2004. Perkins is scheduled for a
full remodel in 2018. The property is strategically located along Highway 10
East which is a primary thoroughfare in the area and features traffic volumes
in excess of 20,000 vehicles per day. The surrounding area features many
national retailers including: McDonalds, Tractor Supply Company, K-Mart, and
Target.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented the purchaser in the
transaction; a high net worth Midwest based investor. The seller was a west coast high net worth
individual.
There
are five years remaining on the original 15 year lease with two 5-year renewal
options. Perkins Restaurant & Bakery
operates 410 restaurants in 33 states and five Canadian provinces.
“Restaurant
properties with corporate guarantees continue to garner significant interest
amongst private investors” said Randy Blankstein, President of The Boulder
Group. Jimmy Goodman, Partner of The
Boulder Group, added, “As there is a limited amount of long term core assets on
the market, some net lease investors are seeking assets with shorter term
leases in strong retail corridors for higher yields.”
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
