(Northbrook, IL – September 9, 2016 – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Insurance Auto Auctions, Inc. (IAAI) property located at 891 Ballardsville Road in Eminence, Kentucky for $5,619,000. IAAI is one of the leading North American salvage auto auctions with the largest facility footprint, strong buyer base and high auction returns.
The 30 acre Insurance Auto Auctions, Inc. property is strategically located along Ballardsville Road which is the primary east-west thoroughfare in the trade area. The property is located less than 40 miles east of downtown Louisville, less than 60 miles north of downtown Lexington and roughly 75 miles south of Cincinnati. The property serves customers nationwide but in particular Louisville, Cincinnati and Lexington.
Since first opening the Eminence location in November 2015, IAAI has served both dealer buyers and public buyers. The company operates 171 locations nationwide and is one of three business divisions of KAR Auction Services, a publicly traded company with a market capitalization in excess of $5.5 billion.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Southwest based private developer. The purchaser was an institutional investor based on the East Coast.
There are approximately 19 years remaining on the IAAI absolute tripe net lease that expires in November 2035. The lease features annual consumer price index and three 5-year renewal options.
“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, “The purchaser was attracted to this property due to its strategic location, positioned to serve three strong markets.”
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
The Boulder Group