The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant ALDI ground lease located at 5811 High Street in Portsmouth, VA for $3,280,000.
The ALDI property is strategically located in the Norfolk MSA across the street from a Harris Teeter grocery anchored center and adjacent to a brand new CVS. The property is located along High Street which is a primary east-west thoroughfare in the trade area. There are over 65,000 people living within a three mile radius of the property.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; an East Coast based real estate development company. The purchaser was an international investor based in Germany.
The new ALDI ground lease is for twenty years and rent commenced in November 2015. The ground lease features rental escalations throughout the primary term and absolutely no landlord responsibilities. There are five 5-year renewal option periods.
“Ground leases featuring long term leases with multiple rental escalations continue to be highly sought after amongst the investor community as they provide an inflationary hedge” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Due to their limited supply and favorable implied credit, new construction ALDI ground leases are highly sought after amongst the investment community.”
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 CoStar and Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Address:666 Dundee Road, Suite 1801
Country: United States