Northbrook, IL – August 7, 2015 – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant dark Macaroni Grill property located at 2375 East 116th Street in Carmel, Indiana for $1,400,000.
The 55,757 square foot property is located at the corner of the heavily trafficked Keystone Parkway and East 116th Street interchange. This interchange experiences traffic counts in excess of 62,000 vehicles per day. Keystone Parkway is the primary north-south thoroughfare in the area connecting Carmel to Indianapolis. There is a 360,000+ square foot retail center located across the street from the property that features Marsh Supermarket, Petco, World Market, PNC Bank, O’Reilly Auto Parts, and many others. There are approximately 60,000 people living within a three mile radius of the property earning average annual household incomes in excess of $101,000. The median disposable income is 41.3% higher within a five mile radius of the property than the national average.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based commercial real estate development and investment firm. The purchaser was a high net worth individual from the West Coast.
There are approximately two years remaining on the Macaroni Grill lease which expires in April 2017. The Macaroni Grill closed within the last year as part of a larger company-wide closure of numerous locations.
“Net lease properties with strong residual value due to the strength of their location are highly sought after amongst the investment community. This particular transaction illustrates the importance of acquiring net lease properties with good real estate fundamentals” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “This unique investment opportunity will allow for the investor to receive approximately two years of cash-flow while having adequate time to secure a future tenant for the property.”
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