The Boulder Group | Recently Sold Single Tenant Net Lease Properties

The Boulder Group Publishes 3rd Quarter Net Lease Market Research Report

The Boulder Group’s Research Department has released a new research report providing comprehensive numbers and analysis of the 3rd quarter activity in the National Net Lease Market.

Highlights from the report are as follows:

• Cap rates for net leased retail properties reached a new historic low level
  
  
• Cap rates for net leased office and industrial properties decreased by 17 and 12 basis points respectively
  
  
• Overall property supply of retail, office and industrial net lease assets increased by 2% from Q2 2016 to Q3 2016

The full report can be viewed online at http://www.bouldergroup.com/media/pdf/2016-Q3-Net-Lease-Research-Report.pdf

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. In 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. More information on the firm can be found on The Boulder Group’s website at www.bouldergroup.com  

The Boulder Group Arranges Sale of Net Lease Jiffy Lube Property

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant Jiffy Lube property located at 3115 South Street in Lafayette, Indiana for $910,000.

The Jiffy Lube property is located at the southwest corner of the heavily trafficked signalized intersection of South Street and South Earl Avenue. South Street is the primary east-west thoroughfare that connects Lafayette to Interstate 65.  The Jiffy Lube is located in close proximity to Purdue University, which has an enrollment in excess of 39,000 students. The property is benefitted from its’ location within a dominant retail corridor that features Home Depot, Target, Lowe’s, Hobby Lobby, TJ Maxx, Sam’s Club, and Chase Bank.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction.  The seller was a Midwest based private partnership while the buyer was a private REIT.

There are over 6 years remaining on the corporately guaranteed Jiffy Lube lease which expires October 31, 2022. The absolute triple net lease features 3% rental escalations in each of the three 5-year renewal option periods. Jiffy Lube is a subsidiary of Shell Oil Co. with over 2,000 locations. Shell Oil Co. is an investment grade rated company with a Standard & Poor’s rating of A.

“Jiffy Lube properties with solid real estate fundamentals continue to be in strong demand.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Shorter term leases with corporate guarantees offer higher yields that are accretive to many investor types.”

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 Arranges the Sale of a Single Tenant Net Leased U.S. Cellular Property

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a new construction single tenant U.S. Cellular property located at 2933 Milwaukee Road in Beloit, WI for $1,530,000.

The U.S. Cellular property is located at the northwest corner of the signalized intersection of Milwaukee Road and Freeman Parkway. Milwaukee Road is the primary thoroughfare in the trade area and experiences traffic counts in excess of 23,000 vehicles per day. The U.S. Cellular property is strategically located within a prime retail corridor and is an outparcel to a Walmart Supercenter and Menards. There are 10 years remaining on the U.S. Cellular lease.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Wisconsin based Real Estate Investment Company. The buyer was a Midwest based private partnership.

U.S. Cellular has ten years remaining on their lease that expires in January 2024. There are three 3-year renewal options with rental escalations in each. U.S. Cellular is publicly traded on the New York Stock Exchange with a market capitalization in excess of $3 billion.

“The activity in the net lease market continues to transact for corporately guaranteed single tenant properties with ten or more years of lease term remaining” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman, Partner of The Boulder Group, added, “There is an abundance of transaction volume from private investors for assets priced below $2 million.”

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.

www.bouldergroup.com

Single Tenant NNN Chipotle For Sale

The Boulder Group is pleased to exclusively market for sale a single tenant Chipotle property located in Milwaukee, Wisconsin. Chipotle has successfully operated at this located since 2003 and recently extended their lease an additional 10 years. Chipotle is committed to the site as evidenced by their recent lease extension which expires July 2023 with 12.5% rental escalations every five years. Chipotle is a publicly traded company on the New York Stock Exchange with a market capitalization in excess of $16 billion.

The Chipotle property is located along South 27^th Street, a heavily trafficked north-south thoroughfare approximately five miles southwest of downtown Milwaukee. South 27^th Street experiences traffic counts in excess of 31,000 vehicles per day. Additionally, the property benefits from its proximity to the signalized intersection of West Oklahoma Avenue and South 27^th Street, which experiences traffic counts in excess of 52,000 vehicles per day. Furthermore, Aurora St. Luke’s Medical Center, the number one ranked hospital in Milwaukee, is located at the heavily trafficked intersection. Aurora St. Luke’s Medical Center is a 710-bed facility with over 130,000 annual visitors (27,610 inpatient surgeries, 41,028 outpatient surgeries, & 61,734 emergency room visits).

The property is located within a densely populated area with over 400,000 people living within five miles. The Chipotle is well positioned in a prime retail corridor across the street from a Walmart Supercenter and Walgreens, creating constant traffic flow near the site. Other retailers in the immediate vicinity include Kohl’s, Pick ‘n Save, Chase Bank, PNC Bank, CVS, Michael’s, Marshalls, and OfficeMax.

Chipotle recently opted to extend their original lease to ensure their presence at this location for ten additional years. The newly extended lease expires on July 25, 2023 and features rare 12.5% rental escalations every five years throughout the primary term and renewal option period. Chipotle is a publicly traded company (NYSE: CMG) with a market capitalization in excess of $16 billion and has over 1,500 locations.

 http://bouldergroup.com/NNN-Properties-For-Sale.html

Single Tenant Net Lease OfficeMax for Sale

The Boulder Group is pleased to exclusively market for sale a single tenant OfficeMax property located in East Peoria, Illinois. OfficeMax is committed to this site as evidenced by their extension of their first five year renewal option period. The 1.89 acre parcel is located within the Peoria region’s dominant retail corridor that features regional draws such as Bass Pro Shops, Walmart Supercenter, and Lowe’s. OfficeMax recently merged with Office Depot to create a dominant retailer and the largest U.S. office-supplies chain. OfficeMax is publicly traded on the New York Stock Exchange (ODP) with a market capitalization in excess of $2.5 billion.

  

The OfficeMax property is strategically located along Interstate 74, which experiences traffic counts in excess of 60,000 vehicles per day. There are over 125,000 people living within five miles of the subject property. The OfficeMax is centrally located within Peoria’s dominant retail corridor that is anchored by Bass Pro Shops, Walmart Supercenter, Lowe’s, Costco, Target, Kohl’s and Gordmans. The property is located in a Walmart Supercenter and Lowe’s anchored development. Other retailers located in the area include Embassy Suites Hotel and Conference Center, PetSmart, Ross Dress For Less, Aldi, McDonald’s, Panera, and Buffalo Wild Wings.

The recently extended OfficeMax lease has approximately 5 years remaining and expires in October 2018. There are three 5-year renewal options remaining with rental escalations in each. OfficeMax is a publicly traded company on the New York Stock Exchange (ODP) with a market capitalization in excess of $2.5 billion. 

http://www.bouldergroup.com/Single-Tenant-OfficeMax-For-Sale.pdf

The Boulder Group Arranges the Sale of a Single Tenant Net Leased Brunswick Zone XL Property in the Chicago MSA

The Boulder Group, a net leased investment brokerage firm specializing in single tenant assets, has completed the sale of a net leased Brunswick Zone XL property located at 1515 West Aurora, Naperville, Illinois for $3,866,500.

Brunswick Zone XL has operated at this location since 1997 and recently extended their lease through June 2018. The 80,425 square foot building is on a 6.9 acre parcel that benefits from its location within a primary retail trade area.  The property is located one mile from Westfield Fox Valley regional mall which is anchored by Macy’s, JCPenney, Kohl’s, and Sears. There are many other national retailers in the immediate area including Walmart Supercenter, Sam’s Club, SuperTarget, Costco, Lowe’s, and Home Depot. Naperville is an affluent suburb where residents living within one mile of the property enjoy an average household income of approximately $120,000 annually.  Brunswick Zone XL offers its customers 40 lanes of bowling, 16 billiards tables, event rooms, game zone arcade, laser tag, bumper cars, and a bar & grill.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a private partnership based in Maryland.  The buyer was based in a 1031 Exchange.

“The market for net leased properties in Chicago and other major markets are transacting 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 single tenant properties with shorter term leases is active as investors are attracted to the high yield these properties generate.”

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 $1.6 billion of single tenant net lease real estate transactions. In 2011 and 2012, 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 Arranges Sale of a Net Leased Best Buy Property in Fredericksburg, Virginia

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Best Buy property located at 1541 Carl D Silver Parkway in Fredericksburg, Virginia for $6,300,000.

Best Buy is the sole occupant of the 46,457 square foot retail building that is located within the Washington D.C. MSA. The property is located on a 4.1 acre parcel in a primary retail trade area that is densely populated with many of the nation’s largest big-box retailers. The property backs up to Interstate 95 and has signage that is visible to the 141,000+ vehicles that pass per day. The property is fully leased to Best Buy with three and a half years of lease term remaining. There are three 5-year renewal options.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the both parties in the transaction. The seller is a private real estate firm based in Chicago. The buyer was an investment firm based in the southwest.

Best Buy has over three years of lease term remaining at a low rent. Best Buy is a publicly traded company on the New York Stock Exchange (BBY), with a market capitalization of $15 billion. Best Buy employees over 145,000 people and has over 1,400 locations in the United States.

“The market for net leased properties with shorter term leases remains active as investors are attracted to the higher yield these assets generate” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman, Partner of The Boulder Group, added, “Real estate fundamentals like low rental rates in core areas play an important role in evaluating short-term leased properties.”

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 $1.6 billion of single tenant net lease real estate transactions. In 2011 and 2012, 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 Arranges the Sale of a Single Tenant AutoZone Ground Lease in the Memphis MSA

The Boulder Group, a net leased investment brokerage firm specializing in single tenant assets, has completed the sale of a single tenant AutoZone ground lease located at 7322 Hacks Cross Road in Olive Branch, Mississippi for $1,075,000.

AutoZone is the sole occupant of the 7,008 square foot building located on a 40,843 square foot parcel. Olive Branch is located 23 miles south of downtown Memphis. The property was built in 2004 and is located one-half mile from Mississippi State Highway 302, which experiences traffic volumes in excess of 20,000 vehicles per day. Located in close proximity to the property are The Whispering Woods Hotel and Conference Center, the newest hotel and event space in northeastern Mississippi, and a recently constructed Walgreens.

The property is ground leased to AutoZone on a triple net basis with approximately seven years remaining. The lease has a 10% rental escalation in the primary term and in each renewal option period. AutoZone is a publicly traded company on the New York Stock Exchange (AZO) with a market capitalization of $15 billion. AutoZone is an investment grade rate company with a Standard & Poor’s rating of BBB and has over 5,000 stores nationwide.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a southeast based partnership. The purchaser was a 1031 exchange investor.

“The market for ground leases remains robust 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 leased to investment grade rated tenants with scheduled rental escalations like this AutoZone, will continue to be sought after as a hedge against inflation.”

About The Boulder Group

The Boulder Group is a boutique investment real estate service firm specializing in 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 more than $1.6 billion of net lease real estate transactions through several real estate cycles. In 2012, 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. The company’s website address is www.bouldergroup.com

The Boulder Group Arranges Sale of a Single Tenant Day Care Portfolio in the Indianapolis MSA

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Goddard School portfolio consisting of two properties located in the Indianapolis MSA for $2,950,000. The properties are located in Noblesville and Indianapolis, Indiana.  

Each of the properties is fully leased to Goddard School, a preschool for children and has over 386 locations in 34 states.  Both properties were located in affluent areas with average household incomes in excess of $100,000 annually. The portfolio offered investors the opportunity to obtain multiple assets at an attractive yield. Goddard School is the sole occupant of the two properties which were developed in the early 2000’s. The Noblesville property had five years remaining on the primary term of its lease and the Indianapolis property had three years remaining on its lease. Both leases have rental escalations in the option periods.

The portfolio included the following Goddard School properties:

1.   10925 Cork Place, Indianapolis, IN

2.   2291 Greenfield Avenue, Noblesville, IN (Indianapolis MSA)

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller; a Midwest based partnership, in the transaction. The buyer was an east coast based investment firm.

“The market for net lease properties in Top 50 MSA’s remains robust 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, “As there are a limited amount of core assets in the market, some investors are seeking higher yielding assets with shorter term leases.”

About The Boulder Group

The Boulder Group is a boutique investment real estate service firm specializing in 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 more than $1.6 billion of net lease real estate transactions through several real estate cycles. The firm was ranked in the Top 10 companies in the nation for single tenant retail transactions in 2012 by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com

The Boulder Group Arranges Sale of a Single Tenant GSA Property in Bowling Green, OH

                The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant GSA property located at 745 Innovation Drive in Bowling Green, Ohio for $1,281,500.

The 4,495 square foot GSA property is fully occupied by the Social Security Administration and was developed in 2008. The property is located on a 2.24 acre parcel along Innovation Drive in Bowling Green, Ohio and is benefitted by its high end construction that meets the strict building standards of the U.S. Government. Additionally, Interstate 75, which experiences traffic volumes in excess of 50,000 vehicles per day, is located in close proximity to the property. Bowling Green University, which is the largest employer in the county with over 5,000 employees, is located within two miles of the property.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the 1031 Exchange buyer, a private partnership based in Colorado.  The seller was an individual based in Michigan.

The GSA lease had over nine years remaining on the primary term at the time of the sale. The GSA is an investment grade tenant with a Standard & Poor’s rating of AA+. The GSA has approximately 106,000 employees and leases over 354,000,000 square feet of space nationwide. 

“Demand for net lease GSA properties remains active as investors are aggressively pursuing investment grade tenanted properties.” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman, Partner of The Boulder Group, added, “Newly constructed GSA assets are in high demand as they have a historic renewal probability of over 90%.”

About The Boulder Group

The Boulder Group is a boutique investment real estate service firm specializing in 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 more than $1.6 billion of net lease real estate transactions through several real estate cycles. The firm was ranked in the Top 10 companies in the nation for single tenant retail transactions in 2012 by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com

The Boulder Group Arranges the Sale of an $2.3 Million Single Tenant Net Leased Home Depot Office Building in the Dallas MSA

The Boulder Group, a net leased investment brokerage firm specializing in single tenant assets, has completed the sale of a net leased Home Depot office building located at 2951 Kinwest Parkway, Irving, Texas for $2,230,000.

The 18,583 square foot Home Depot property was built in 1985 and renovated in 2006 & 2012. The property is located in the upscale development of Las Colinas which contains 23 million square feet of office space, as well as 1.3 million square feet of retail, 8.9 million square feet of light industrial, 4,220 hotel rooms, 4,630 single family homes and 13,900 multifamily homes. The lease features multiple 10% rental escalations in the primary term of the lease. The building is fully leased to Home Depot on a net lease basis with approximately six years of lease term remaining.

Home Depot is an investment grade rated company with a Standard & Poor’s rating of A- and has a market cap of $105 billion. Home Depot has approximately six years remaining on an original eight year net lease. Home Depot is a publicly traded company on the New York Stock Exchange (HD), with a market capitalization of $105 billion.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a private Chicago based partnership. The buyer was a Texas based high net worth individual.

“The market for single tenant office buildings leased to investment grade rated tenants remains robust as these assets are in high demand among investors.” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman, Partner of The Boulder Group, added, “Despite the shorter lease term of this asset, the transaction was fulfilled due to the credit quality of the tenant and its prime location in a major market.” 

About The Boulder Group

The Boulder Group is a boutique investment real estate service firm specializing in 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 more than $1.6 billion of net lease real estate transactions through several real estate cycles. The firm was ranked in the Top 10 companies in the nation for single tenant retail transactions in 2012 by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com

The Boulder Group Arranges Sale of a Single Tenant Dollar General Property in the Austin MSA

The Boulder Group, a net leased investment brokerage firm specializing in single tenant assets, has completed the sale of a net leased Dollar General property located at 8017 Bronco Lane in Lago Vista, Texas for $770,000.

The 9,014 square foot building is located in a high income area for a Dollar General, as residents earn on average $70,000 annually. The property is located along Bronco Lane and benefits from its location off Ranch Road, a primary thoroughfare in Lago Vista. Nearby retailers include CVS, Ace Hardware and a Lowe’s Market grocery store. Lago Vista is a growing area as evidenced by the city’s approval of a $29.6 million bond for a new high school which will be completed in 2014. The building is leased to Dollar General on a net lease basis with four years of lease term remaining. Dollar General is an investment grade rated company with a Standard & Poor’s rating of BBB- and has over 9,300 stores nationwide.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The buyer was a private partnership based in Texas and the Seller was a Chicago based high net worth individual.

“The market for net leased Dollar Generals is robust as investor demand for investment grade rated properties priced below one million dollars exceeds the supply” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman, Partner of The Boulder Group, added, “Cap rates for Dollar General properties are at an all-time low as their Standard and Poor’s rating was recently increased to BBB-.”

About The Boulder Group

The Boulder Group is a boutique investment real estate service firm specializing in 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 more than $1.4 billion of net lease real estate transactions through several real estate cycles. The firm was ranked in the Top 10 companies in the nation for single tenant retail transactions in 2012 by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com

Net Lease Market Research Report Released

The Boulder Group’s Research Department has released a new research report providing comprehensive numbers and analysis of the 1st quarter activity in the National Net Lease Market.

Highlights from the report are as follows:

• Cap rates remain new historic lows across all net lease sectors
• Net lease property supply decreased by more than 17% from Q4
• 70% of active net lease participants expect cap rates to remain unchanged or decline by the end of 2013

The full report can be viewed online at http://www.bouldergroup.com/NLQ1.pdf

 

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 more than $1.4 billion of net lease real estate transactions through several real estate cycles. The Boulder Group is headquartered in suburban Chicago. More information on the firm can be found on The Boulder Group’s website at www.bouldergroup.com 

The Boulder Group Arranges Sale of a Bank of America Ground Lease in the Chicago MSA

The Boulder Group, a net leased investment brokerage firm specializing in single tenant assets, has completed the sale of a single tenant Bank of America ground lease located at 28301 Diehl Road, Warrenville, Illinois for $3,400,000.

Bank of America is the sole occupant of the 4,500 square foot retail building that was developed in 2003. The property is located on a 1.62 acre parcel within a 650 acre mixed use development. The property is located along Diehl Road and benefits from its location near a Super Target, 30 screen Regal Cinema and Lifetime Fitness. The property is located within an affluent area where residents enjoy household income in excess of $116,000 annually. The lease had eleven years remaining at the time of sale and features multiple rental escalations in the primary term.

Bank of America is an investment grade rated company with a Standard & Poor’s rating of A- and has over 2,600 stores nationwide. Bank of America has eleven years of lease term remaining on an original twenty year triple net ground lease. Bank of America is a publicly traded company on the New York Stock Exchange (BAC), with a market capitalization of $131 billion.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller; a high net-worth individual in the transaction. The buyer was a Chicago based private individual in a 1031 exchange.

“The market for bank ground leases with investment grade tenants remains strong as investors are attracted to the typical long term leases with rental escalations.” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman, Partner of The Boulder Group, added, “Core market single tenant assets with solid real estate fundamentals continue to be in the greatest demand.”

About The Boulder Group

The Boulder Group is a boutique investment real estate service firm specializing in 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 more than $1.4 billion of net lease real estate transactions through several real estate cycles. The firm was ranked in the Top 10 companies in the nation for single tenant retail transactions in 2012 by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com