Northbrook, IL, January 30, 2015 --(PR.com
)-- The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant CARQUEST property located at 809 Mitchell Street in Kinston, NC for $635,000.
The 6,000 square foot CARQUEST property is centrally located within the town of Kinston, North Carolina. The property benefits from its location in a strong retail corridor. The property is located approximately one and one-half miles from Vernon Park Mall, which is anchored by Sears, Belk and Goody’s. Retailers located in the immediate proximity of the property include Food Lion, McDonald’s, Rite Aid, First Citizens Bank, and Family Dollar.
Jordan Kaufman of The Boulder Group exclusively represented the seller in the transaction; a North Carolina based private partnership. The purchaser was a private investor in a 1031 Exchange from California.
CARQUEST has approximately three years remaining on their absolute net lease that expires on November 30, 2017. The lease features a 15% rental escalation in its first renewal option. CARQUEST is a wholly owned subsidiary of Advance Auto Parts, a publicly traded company that is also investment grade rated (S&P: BBB-).
“Despite only having approximately three years remaining on the primary term of the lease, we received significant interest in this property amongst investors searching for higher yield,” said Jordan Kaufman, Vice President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “As there are a limited amount of core assets in the market, some investors are seeking higher yielding assets such as properties with short term leases that are located in secondary markets.”
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 $2.1 billion of single tenant net lease real estate transactions. From 2011-2014, 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