(Wilmette, IL- September 13, 2018) – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased Insurance Auto Auctions, Inc. (NYSE: KAR) property located at 4401 37th Street North in Fargo, North Dakota for $5,767,500.
The 19.1 acre Insurance Auto Auctions property is strategically located next to Hector International Airport which is the largest airport in Fargo with over 789,000 passengers in 2016. The property is also positioned just off of Interstate 29, which serves as a primary north-south thoroughfare through Fargo. There are over 210,000 people living within 10 miles of the property and earning an average household income of $74,752. Fargo is the most populous city in the state of North Dakota, accounting for nearly 16% of the state population. In 2014, Forbes magazine ranked Fargo as the fourth fastest-growing small city in the United States.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller and the buyer in the transaction. The seller was a Southwest based private developer and the purchaser was an insitutional investor.
There are over 17 years remaining on the Insurance Auto Auctions lease which expires on November 30, 2035. The lease features rare annual CPI rental escalations that will be no less than 3%. This absolute triple net lease features no landlord responsibilities.
“The market for industrial net lease properties remains active as these assets are in high demand among both institutional and private investors.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Long term leased assets like the IAAA property are the most financeable.”
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