(Northbrook, IL- September 12, 2017) – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Advance Auto Parts located at 1386 Butterfield Road in Aurora, Illinois for $2,150,000.
The Advance Auto Parts property is located just off of the heavily trafficked signalized intersection of Kirk Road and Butterfield Road. The property is strategically positioned as an out parcel to a Walmart Supercenter anchored development. The property is benefitted by its proximity to the Chicago Premium Outlets which is located one mile south of the property. The Chicago Premium Outlets have over 140 stores such as Armani Outlet, Coach, Saks Fifth Avenue Off 5th, Under Armour, Michael Kors, and many others. The immediate area is affluent with average annual household incomes in excess of $126,500 within a one-mile radius. Aurora is the second most populated city in Illinois after Chicago. There are approximately 203,675 people living within a five-mile radius of the property.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction. The seller was a Midwest based real estate investment company. The purchaser was a Midwest based private real estate investor.
There are approximately 14 years remaining on the Advance Auto Parts lease which expires in March 2031. The lease features 7.5% rental escalation in each of the three 5-year renewal option periods. 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 $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
The Boulder Group