The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Jiffy Lube property located at 660 North Grandstaff Drive in Auburn, IN for $594,110.
The Jiffy Lube property is located approximately twenty miles north of Fort Wayne. The property is benefitted by its location within Auburn’s primary retail trade area. National retailers located in in the immediate vicinity include Walmart Supercenter, Home Depot, Kroger, CVS, Wells Fargo Bank, Starbucks, Dollar General, McDonald’s, AutoZone and Advance Auto Parts. There are over 25,000 people living within a five mile radius of the property.
Randy Blankstein and John Feeney of The Boulder Group represented the seller in the transaction; a Northeast based real estate investment company. The purchaser was a private individual in a 1031 Exchange based on the West Coast.
There are approximately 16 years remaining on the Jiffy Lube lease which features 1.5% annual rental escalations. The lease is absolute triple net and the tenant is an experienced Jiffy Lube operator. As of October 2014, this location began offering customers additional services (such as brakes, tires, light repairs, ect) that are expected to increase business.
“Well located single tenant assets with solid real estate fundamentals continue to be in the greatest demand,” said Randy Blankstein, President of The Boulder Group. John Feeney, Vice President of The Boulder Group, added, “Properties featuring long term leases with rental escalations throughout the primary term remain at the forefront of investor demand.”
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 $3 billion of single tenant net lease real estate transactions. From 2010-2015, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago.
For more information, visit: www.bouldergroup.com
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Address:666 Dundee Road, Suite 1801
Country: United States