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Northbrook, IL, United States, 2012/02/10 - Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction; the buyer, a Midwest institutional investor and the seller was a private Ohio based company.
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 4250 Lake Michigan Drive in Walker, MI for $1,385, 000.
Advance Auto Parts is the sole occupant of the 7,920 square foot retail building that was renovated in 2011. The property is located on a one acre land parcel within close proximity to a Meijer in Walker, MI. Walker is located in the northwest portion of the Grand Rapids MSA. Grand Rapids is the second largest city in Michigan and has a combined MSA population of over 1.3 million. The property featured a newly renovated building, for Advance Auto Parts, combined with a long term lease in a prime location.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction; the buyer, a Midwest institutional investor and the seller was a private Ohio based company.
Advance Auto Parts has a fifteen year lease term with a double net lease structure. 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 active as investors are attracted to investment grade tenanted properties at this price point” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added,“There is a limited supply of newly leased properties for investors seeking investment grade companies, which is a primary factor to cap rate stabilization in the net lease market.”
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.