PRZOOM - /newswire/ -
Northbrook, IL, United States, 2012/01/20 - Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, an Illinois developer, in the transaction. The buyer was a California based private investment firm - BoulderGroup.com.
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 1535 West Lane Road in Machesney Park, IL for $1,520, 000.
Advance Auto Parts is the sole occupant of the 6,124 square foot retail building that was developed in 2011. The property is located on a 30,685 square foot parcel between Aldi and Verizon on Lane Avenue in Machesney Park, IL. Machesney Park is located in the northwest portion of the Rockford MSA. Rockford is the third largest city in Illinois and the largest city outside of the Chicago MSA. The property featured a newly constructed building combined with a long term lease in a prime location within the retail trade area.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, an Illinois developer, in the transaction. The buyer was a California based private investment firm.
Advance Auto Parts had fourteen years of lease term remaining on an original fifteen year double net lease with a rental escalation in the primary term. Advance Auto Parts is a publicly traded company on the New York Stock Exchange (AAP), with a market capitalization of $4 Billion. Advance Auto Parts is an investment grade rated company with a Standard & Poor’s rating of BBB- that has over 3,500 stores nationwide.
“The market for net leased Advance Auto Parts properties remains strong as investors are attracted to investment grade tenanted properties with long term leases” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added,“There are limited property options for the private buyers seeking investment grade companies with new fifteen year leases, therefore there was tremendous activity for this asset and the property closed at full asking price.”
About The Boulder Group
The Boulder Group (bouldergroup.com) 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 $1.2 billion of net lease real estate transactions through several real estate cycles. The Boulder Group is headquartered in suburban Chicago.