Northbrook, IL, May 23, 2014 --(PR.com
)-- The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased CITGO gas station property located at 200 Fabyan Parkway in Batavia, IL for $4,273,250.
The property is located at the signalized intersection of Fabyan Parkway and North Washington Avenue, which experiences traffic counts in excess of 37,000 vehicles per day. The site has two points of ingress and egress and is easily accessible by vehicles traveling on Fabyan Parkway or North Washington Avenue. CITGO is the sole occupant of the 2.01 acre property that was originally developed in 1999. There are ten years remaining on this absolute net lease that expires in February 2024.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based high net worth individual. The buyer was an East Coast based private investment firm.
CITGO has ten years remaining on their lease that expires in February 2024 and features 1.75% annual rental escalations. There are four 5-year renewal options. The guarantor of the lease is GasMart USA, a privately held company that operates 108 gas stations in seven states.
“The market for net lease properties in top tier MSAs 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, “There has been an increase in demand for long-term leased non-investment grade properties in top tier markets, as they generate higher yields than typical credit net lease assets.”
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 $1.7 billion of single tenant net lease real estate transactions. From 2011-2013, 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. http://bouldergroup.com/NNN-Properties-For-Sale.html