(Wilmette, IL- August 21, 2018) – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a fully leased three tenant property located at 8340 US-64 and 2916 Kate Hyde Blvd in Bartlett, Tennessee for $4,175,000. The property is fully leased to Panera Bread, BancorpSouth and Red Wing Shoes.
The property consists of two adjacent buildings. A 2,500 square foot single tenant building fully leased to Red Wing Shoes and a 7,500 square foot building fully leased to Panera Bread and Bancorp South. The property was recently built in 2015 and has ample parking on site. The surrounding area consists of numerous retail properties, residential neighborhoods and Colonial Country Club (Host of 30+ PGA Tour events). The property benefits tremendously from being in the middle of numerous shopping, dining and entertainment options. Over 60,000 people live within a three-mile radius of the property with an average household income of $86,697.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a southeast based real estate investment group. The purchaser was in a 1031 exchange.
Panera Bread and BancorpSouth have over seven years remaining on their leases and Red Wing Shoes recently signed a new five year lease. Red Wing Shoes’ rent escalates annually and Panera Bread escalates in 2020 and each renewal option period. All tenants have multiple renewal option periods.
“The market for net lease properties in top MSAs remains active 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 in tax-free states remain in high demand among private investors.”
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 2011-2017, 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