The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant Jiffy Lube property located at 3115 South Street in Lafayette, Indiana for $910,000.
The Jiffy Lube property is located at the southwest corner of the heavily trafficked signalized intersection of South Street and South Earl Avenue. South Street is the primary east-west thoroughfare that connects Lafayette to Interstate 65. The Jiffy Lube is located in close proximity to Purdue University, which has an enrollment in excess of 39,000 students. The property is benefitted from its’ location within a dominant retail corridor that features Home Depot, Target, Lowe’s, Hobby Lobby, TJ Maxx, Sam’s Club, and Chase Bank.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction. The seller was a Midwest based private partnership while the buyer was a private REIT.
There are over 6 years remaining on the corporately guaranteed Jiffy Lube lease which expires October 31, 2022. The absolute triple net lease features 3% rental escalations in each of the three 5-year renewal option periods. Jiffy Lube is a subsidiary of Shell Oil Co. with over 2,000 locations. Shell Oil Co. is an investment grade rated company with a Standard & Poor’s rating of A.
“Jiffy Lube properties with solid real estate fundamentals continue to be in strong demand.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Shorter term leases with corporate guarantees offer higher yields that are accretive to many investor types.”
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