The Boulder Group Arranges the Sale of a Net Lease Advance Auto Parts Property in the Chicago MSA
Northbrook, IL – March 5, 2013 – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm specializing in single tenant assets, has completed the sale of a net leased Advance Auto Parts property located at 1135 East Division Street, Diamond, Illinois for $1,639,100.
The 6,125 square foot Advance Auto Parts was built in 2012 and is located in Diamond, Illinois. Diamond is located 60 miles southwest of downtown Chicago and residents achieve average household incomes of $70,000 within five miles of the property. The building is situated along Highway 113, the most heavily trafficked thoroughfare in the area. The property is an outparcel to Berta Crossing, a recently constructed retail center featuring Dollar General and Ace Hardware. Additionally, Interstate 55 (35,000 VPD) is located approximately one and one-half miles east of the property.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer and seller in the transaction. The buyer was a 1031 exchange investor based in Ohio and the seller was a Midwest based partnership.
In 2012, Advance Auto Parts executed a fifteen years net lease with rental escalations in each renewal option period. Advance Auto Parts is a publicly traded company on the New York Stock Exchange (AAP), with a market capitalization of $5 billion. Advance Auto Parts is an investment grade rated company with a Standard & Poor’s rating of BBB- and has over 3,600 stores nationwide.
“The market for new construction net leased auto parts stores remains robust as these assets are in high demand among private investors.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “1031 exchange buyers continue to aggressively seek single tenant assets occupied by investment grade rated tenants, like Advance Auto Parts.”
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 $1.4 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
