(Northbrook, IL- March 8, 2018) – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant AutoZone ground lease located at 2230 Repsdorph Road in Seabrook, Texas for $1,750,000.
The 6,816 square foot building sits on 0.98 acres of land immediately off of Bayport Boulevard (State Highway 146) along Repsdorph Road in Seabrook’s primary retail corridor. Bayport Boulevard is undergoing an expansion project to alleviate daily traffic congestion which exceeds 35,000 vehicles per day. The project, expected to commence in 2018, will widen the highway through Seabrook from a four to eight-lane freeway. The new AutoZone is part of the new 31 acre retail development, The Seabrook Town Center. The freestanding shopping destination will be a prime location for both businesses that plan to relocate due to the highway expansion and for new businesses. Construction along Repsdorph Road is expected to be completed in 2018. There are over 33,000 people living within a three mile radius of the property earning an average household income in excess of $119,000 per year.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a West-coast based real estate development and investment company. The buyer was a West-coast based family trust.
There are fifteen years remaining on the AutoZone ground lease. The lease features 10% rental escalations every five years in the primary term and in all four 5-year renewal option periods. AutoZone is an investment grade rated tenant with a Standard & Poor’s rating of “BBB“.
“The market for ground lease properties in major MSAs remains active 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, “The market for new construction ground lease auto parts stores remains active as these assets offer investors long term leases to investment grade rated tenants.”
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