The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant new construction Starbucks ground lease located at 103 Mitchell Drive in Hendersonville, NC for $2,250,000.
The property is strategically located along Four Seasons Boulevard which is a primary thoroughfare in the area and features traffic volumes in excess of 32,000 vehicles per day. The property is located in close proximity to Interstate 26. Retailers located in the immediate trade area include Lowe’s, Home Depot, Sears, JCPenney, Belk’s and TJ Maxx.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the purchaser in the transaction; a private northeast based real estate company. The seller was a Southeast based real estate developer.
The brand new Starbucks ground lease is for twenty years and features 10% rental escalations every five years. The lease features four 5-year renewal option periods. Starbucks is an investment grade rated tenant with a Standard & Poor’s rating of A-.
“The market for long term ground leases located in strong retail corridors remains active as these assets are highly sought after amongst private investors” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, partner of The Boulder Group, added, “Due to their limited supply, new construction Starbucks 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 both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago.
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Address:666 Dundee Road, Suite 1801
Country: United States