Northbrook, IL – July 1, 2016 – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Advance Auto Parts property located at 1200 West Chicago Avenue in East Chicago, Indiana for $1,530,000. East Chicago is a suburb of Chicago located in Northwest Indiana.
The newly constructed Advance Auto Parts property is strategically located along West Chicago Avenue which is a primary east-west thoroughfare in the trade area. The surrounding area is densely concentrated with commercial buildings and residential homes. The Advance Auto Parts property is ideally situated in a densely populated area with over 82,000 people living within a three mile radius. The immediate trade area features many local and national retailers including Walgreens, PNC Bank,Strack & Van Til Grocers, McDonald’s, Dollar General, Burger King and Citizen Financial Bank.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based private developer. The purchaser was a private investor in a 1031 Exchange based on the East Coast.
There are approximately 14 years remaining on the new Advance Auto Parts lease that expires in March 2030. The lease features 7.5% rental escalation in each renewal option period. Advance Auto Parts is the largest retailer of automotive replacement parts and accessories in the United States and is an investment grade rated company (S&P: BBB-).
“The market for net lease properties in major 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, “The market for new construction net leased 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 $3 billion of single tenant net lease real estate transactions. From 2010-2015, 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
Media Contact: Randy Blankstein
The Boulder Group