Northbrook, IL – May 8, 2013 – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm specializing in single tenant assets, has completed the sale of a net leased Home Depot office building located at 2951 Kinwest Parkway, Irving, Texas for $2,230,000.
The 18,583 square foot Home Depot property was built in 1985 and renovated in 2006 & 2012. The property is located in the upscale development of Las Colinas which contains 23 million square feet of office space, as well as 1.3 million square feet of retail, 8.9 million square feet of light industrial, 4,220 hotel rooms, 4,630 single family homes and 13,900 multifamily homes. The lease features multiple 10% rental escalations in the primary term of the lease. The building is fully leased to Home Depot on a net lease basis with approximately six years of lease term remaining.
Home Depot is an investment grade rated company with a Standard & Poor’s rating of A- and has a market cap of $105 billion. Home Depot has approximately six years remaining on an original eight year net lease. Home Depot is a publicly traded company on the New York Stock Exchange (HD), with a market capitalization of $105 billion.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a private Chicago based partnership. The buyer was a Texas based high net worth individual.
“The market for single tenant office buildings leased to investment grade rated tenants remains robust as these assets are in high demand among investors.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Despite the shorter lease term of this asset, the transaction was fulfilled due to the credit quality of the tenant and its prime location in a major market.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in 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 more than $1.6 billion of net lease real estate transactions through several real estate cycles. The firm was ranked in the Top 10 companies in the nation for single tenant retail transactions in 2012 by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com
The Boulder Group