Northbrook, IL – August 6, 2015 – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant White Castle ground lease property located at 7380 Olive Boulevard in University City, Missouri for $630,000.
The 25,276 square foot White Castle property is located along Olive Boulevard approximately one and one-half miles from access to Interstate 170. Olive Boulevard is a primary east-west thoroughfare in the St. Louis MSA. The surrounding area is densely concentrated providing for high barriers to entry. Retailers located in the immediate vicinity of the White Castle property include Walgreens, Aldi, Schnucks grocery store, Advance Auto Parts, AutoZone, Fresenius, Family Dollar, and Dollar General.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the buyer and seller in the transaction. The seller was a Midwest based family partnership and the purchaser was a Midwest based private investor in a 1031 Exchange.
White Castle has approximately six years remaining on their lease that expires March 31, 2021. The lease features a 10% rental escalation in 2017 and in each of the three five-year renewal option periods. White Castle is committed to this location as evidence by their recent execution of an early lease extension. White Castle is a privately held company with over 420 locations.
“Properties priced below $1 million that are located in top MSA’s garner significant interest amongst private investors” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Investors are particularly attracted to properties where the tenant has a long operating history and commitment to the location.”
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 $2.4 billion of single tenant net lease real estate transactions. From 2010-2014, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
The Boulder Group