The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net lease Qdoba property located at 3225 Alpine Avenue NW in Grand Rapids, MI for $1,045,000.
The Qdoba property is strategically positioned along Alpine Avenue which is the trade area’s primary north-south thoroughfare that experiences traffic counts of 50,000 vehicles per day. The Qdoba is located directly across the street from Green Ridge Square which is a 406,597 square foot power center that is anchored by Target, Best Buy, TJ Maxx, Bed Bath & Beyond and Michael’s. Additional retailers located in the immediate trade area include Walmart, Sam’s Club, Home Depot, Menards, Meijer, Hobby Lobby, Kohl’s and Burlington Coat Factory.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based real estate investment company. The purchaser was a high net worth individual based on the West Coast.
There are over five years remaining on the Qdoba lease which expires in September 2021. Qdoba recently exercised its first renewal option. The lease features no landlord responsibilities and a 15% rental escalation in the next renewal option period. Qdoba is a fast-casual Tex-Mex chain with over 600 locations and is a wholly owned subsidiary of Jack in the Box.
“Net lease properties with strong residual real estate value are highly sought after amongst the investment community.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “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.”
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. www.bouldergroup.com
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Address:666 Dundee Road, Suite 1801
Country: United States