Net Lease Valvoline Property Sells in Ohio
- Dec 21, 2016
Middletown, Ohio—The Boulder Group recently facilitated the $360,000 sale of a 2,700-square-foot Valvoline property located approximately two miles west of Interstate 75 in the Cincinnati MSA. Company President Randy Blankstein and Partner Jimmy Goodman negotiated the deal on behalf of both the seller, a Midwest-based private partnership, and the buyer, an unnamed private investor.
According to PropertyShark data, the 30-year-old asset was last sold in 1989 for $300,000.
“The market for smaller net lease properties remains active, as these assets are in high demand among 1031 exchange investors,” said Blankstein. “Properties featuring leases with multiple rental escalations throughout the primary term remain in the forefront of investor demand,” added Goodman.
The Valvoline property is located at 1321 S. Breiel Blvd. in the Far Hills neighborhood of Middletown, Ohio, and within an important retail corridor that features big names such as a Walmart Supercenter, Lowe’s, Meijer, Kroger, Chase Bank, CVS, Walgreens, Kohl’s and Sears.
Valvoline’s existing lease at the property will expire on Feb. 1, 2025. The absolute triple net lease features 1.5 percent annual rental escalations and three five-year renewal options.
Image courtesy of The Boulder Group