(Northbrook, IL- April 24, 2018) – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Denny’s Restaurant property located at 4541 Sunset Road in Charlotte, North Carolina for $1,220,000.
The property is located in the Sunset/Beatties Ford submarket, a rapidly growing residential and second largest commercial/industrial business market in Charlotte. The 4,840 square foot restaurant is situated along Sunset Road, the primary east-west thoroughfare in the area, and is immediately off of Interstate-77 with on and off access to the 118,000 vehicles that travel the highway per day. Retailers in the immediate area include Food Lion, Walgreens, CVS Pharmacy, Advance Auto Parts, JustSave Foods and a number of quick service restaurants. Businesses in the area include BIC Corporation, Anixter, US Foods, Roadrunner Transportation Services, and Masonite Corporation. There are more than 58,650 people living within a three-mile radius of the property.
Randy Blankstein and Asher Wenig of The Boulder Group represented the seller in the transaction; a Midwest based private investor. The purchaser was an corporate investor.
There are 6 years remaining on the Denny’s lease which expires October 31, 2023. The triple net lease features 10% rental escalations in each of the two 5-year renewal option periods. Denny’s offers a casual, come-as-you-are dining atmosphere and affordable meals served 24 hours a day. Denny’s is publicly traded on the Nasdaq Stock Market under the symbol DENN.
“The market for net lease casual dining properties remains active as these assets are in high demand among private investors.” said Randy Blankstein, President of The Boulder Group. Asher Wenig, Vice President of The Boulder Group, added, “We received significant interest in this property and numerous offers which resulted in the property trading at full price.”
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