Northbrook, IL, November 08, 2013 --(PR.com
)-- The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Best Buy property located at 1541 Carl D Silver Parkway in Fredericksburg, Virginia for $6,300,000.
Best Buy is the sole occupant of the 46,457 square foot retail building that is located within the Washington D.C. MSA. The property is located on a 4.1 acre parcel in a primary retail trade area that is densely populated with many of the nation’s largest big-box retailers. The property backs up to Interstate 95 and has signage that is visible to the 141,000+ vehicles that pass per day. The property is fully leased to Best Buy with three and a half years of lease term remaining. There are three 5-year renewal options.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction. The seller is a private real estate firm based in Chicago. The buyer was an investment firm based in the southwest.
Best Buy has over three years of lease term remaining at a low rent. Best Buy is a publicly traded company on the New York Stock Exchange, with a market capitalization of $15 billion. Best Buy employees over 145,000 people and has over 1,400 locations in the United States.
“The market for net leased properties with shorter term leases remains active as investors are attracted to the higher yield these assets generate,” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Real estate fundamentals like low rental rates in core areas play an important role in evaluating short-term leased properties.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant 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 over $1.6 billion of single tenant net lease real estate transactions. In 2011 and 2012, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com