(Northbrook, IL- May 30, 2017) –- (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of two single tenant net leased Jiffy Lube locations in Indiana for $2,400,000.
The sale includes the following locations:
- 317 W North Street
Kendallville, IN 46755
- 640 N Wayne Street
Angola, IN 46703
The Kendallville location is strategically positioned just off of the heavily trafficked signalized intersection within the city’s primary retail trade corridor across the street from a Kroger grocery store. Other national retailers located in the immediate area include CVS Pharmacy, Walgreens, Chase Bank, McDonald’s, O’Reilly Auto Parts, Advance Auto Parts, Tractor Supply Company and Aaron’s.
The Angola location is benefitted by its location within the city’s primary retail trade corridor. It is strategically positioned at a heavily trafficked signalized intersection across from a CVS Pharmacy. Other national retailers located in the immediate area include Walmart Supercenter, Hobby Lobby, Walgreens, Aldi, Wells Fargo Bank, Key Bank and McDonald’s. Additionally, Trine University, which is home to approximately 2,000 students, is located in the immediate vicinity of the Jiffy Lube location.
Randy Blankstein and John Feeney of The Boulder Group represented both parties in the transaction; The buyer was a southern based private investment group and the seller was a global real estate fund.
The two Jiffy Lube locations are newly renovated and recently added additional drive-in bays exemplifying the tenants’ commitment to the locations. There are more than 15 years remaining on the Jiffy Lube leases which expire December 14, 2032. The two absolute triple net leases feature annual rental escalations in the primary term and in each of their two 5-year renewal option periods. The tenant is an experienced Jiffy Lube operator throughout the states of Indiana and Kentucky.
“Jiffy Lube properties with solid real estate fundamentals continue to be in strong demand.” said Randy Blankstein, President of The Boulder Group. John Feeney, Vice President of The Boulder Group, added, “Properties featuring long term leases with multiple rental escalations throughout the primary term remain in the forefront of investor demand.”
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 2011-2016, 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