The Boulder Group Keeps Busy in Texas, Illinois
- Sep 28, 2015
A Northbrook, Ill.-based brokerage firm landed two retail and hospitality deals in the states of Illinois and Texas.
The Boulder Group recently arranged the sale of a 4,700-square-foot Hooters property in Rockford, Ill., as well as the sale of a 6,800-square-foot O’Reilly Auto Parts store in Spring, Texas, through a team composed of Randy Blankstein and Jimmy Goodman.
The single-tenant, net leased Hooters property at 6904 Argus Drive in Rockford sold for $1,943,960 to a private high net worth investor. There are more than five years remaining on the corporately guaranteed Hooters lease—a lease that features no landlord responsibilities and ten percent rental escalations every five years. The property is located in a retail destination that also includes Home Depot, Target, Walmart, Kohl’s, and Best Buy, and offers easy access to the I-90.
“Properties priced below $2 million with corporate guarantees continue to garner significant interest among private investors,” Randy Blankstein, president of The Boulder Group, said. “As there is a limited amount of long term core assets on the market, some net lease investors are seeking assets with shorter term leases in strong retail corridors for higher yields.,” added Boulder Group Partner Jimmy Goodman.
Blankstein and Goodman also secured the $1,383,964 sale of an O’Reilly Auto Parts store located at 5618 Treaschwig Road in Spring, Texas—a suburb of Houston. The newly built, single-tenant net leased store is situated roughly five miles north of the George Bush Intercontinental Airport, and right across the street from a Kroger grocery anchored center. The asset was acquired by a high net worth Midwest-based family partnership in a 1031 Exchange. O’Reilly Auto Parts has a 20-year lease at the site, featuring a six percent rent escalation in year eleven and year sixteen.
Images courtesy of The Boulder Group