(Wilmette, IL- March 9, 2018) – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Boot Barn property located at 1775 Vann Drive in Jackson, Tennessee for $2,000,000.
The 8,000 square foot building is located immediately off Interstate 40 along Vann Drive in Jackson’s primary retail corridor. Retailers located in the immediate area include Walmart Supercenter, The Home Depot, Sam’s Club, Lowe’s Home Improvement, Dick’s Sporting Goods, Ross Dress for Less and Kohl’s. Directly west of the Boot Barn location, construction is in progress for a mixed-use project. The project offers a destination featuring shopping, restaurants and a luxury 312 unit apartment project. Two miles north of the property is Union University, a top-ranked private university with over 4,300 students. The property is also located within close proximity to multiple residential communities and local businesses. There are 64,000 people living within a five mile radius of the property with average annual household incomes of roughly $70,000 per year.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction. The seller was a Southern-based commercial real estate investment and development company. The purchaser was a Northeast-based private partnership.
Boot Barn has over nine years on their lease which features a 10% rental escalation in the primary term and in each of the four 5-year renewal option periods. The property is brand new construction designed specifically for Boot Barn. Boot Barn is the nation’s leading lifestyle retailer of western and work-related footwear, apparel and accessories with more than 200 stores in 29 states. Boot Barn is a publicly traded company on the New York Stock Exchange using the symbol “BOOT”.
“There is an increase in demand for non-investment grade properties as they generate higher yields than the credit net lease assets.” 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 in a strong regional market.”
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 $4 billion of single tenant net lease real estate transactions. From 2012-2017, 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