Northbrook, IL, August 23, 2012 --(PR.com
)-- The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant GSA property located at 1201 North Mitsubishi Motorway in Bloomington, IL for $16,350,000.
The 133,512 square foot GSA property is fully occupied by the Internal Revenue Service and was developed in 2008. The property is located on a 9.78 acre parcel along Mitsubishi Motorway in Bloomington, Illinois and is benefited by its high end construction that meets the strict building standards of the U.S. Government. The GSA property is mission critical to the IRS as it is the only of its kind in the United States. The mission of the IRS National Distribution Center is to provide order fulfillment services and distribution of published products to internal and external customers of the IRS. The GSA consolidated three other national IRS distribution centers to this centrally located facility in 2008.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private partnership based in Colorado. The buyer was self-represented and purchased the property to fulfill a 1031 exchange.
The GSA lease had eleven years remaining on the primary term at the time of the sale. The GSA is an investment grade tenant with a Standard & Poor’s rating of AA+. The GSA has approximately 106,000 employees and leases over 354,000,000 square feet of space nationwide.
“Demand for institutional quality net lease properties remains active as investors are aggressively pursuing investment grade tenanted properties over $10 million dollars,” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Newly constructed GSA assets are in high demand as they have a historic renewal probability of over 90%.”
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 Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com