The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Merchant’s Tire property located at 215 Hillcrest Parkway in Chesapeake, Virginia for $3,150,000.
Merchant’s Tire is the sole occupant of the 6,922 square foot retail building that was developed in 2013. The property is located along the Chesapeake Expressway, the primary thoroughfare in the area and a dominant retail corridor. The Merchant’s Tire is positioned as an outparcel to a Walmart Supercenter anchored development surrounded by a number of national retailers such as Target, The Home Depot, Anytime Fitness, Verizon Wireless, Buffalo Wild Wings, Chick-fil-A, McDonald’s and Wawa. The property is located in an affluent area of Chesapeake with average household incomes exceeding $128,000 annually within a three-mile radius. Chesapeake is the third-most populous city in Virginia.
Randy Blankstein and John Feeney of The Boulder Group represented the seller in the transaction; a West Coast based private partnership. The purchaser was an East Coast private partnership.
There are 21 years remaining on the Merchant’s Tire lease which expires in December 2038. The lease features rental escalations every five years throughout the primary term, the next coming in January 2019. The Merchant’s Tire lease is guaranteed by TBC Corporation and is an absolute net lease requiring no landlord responsibilities. Merchant’s Tire is part of the TBC Retail Group that includes National Tire & Battery (NTB), Merchant’s Tire & Auto Centers, and Big O Tire stores. Together, there are more than 1,200 locations in 41 states plus Washington D.C. and Alberta & British Columbia, Canada. TBC Retail Group functions as an independent company of Sumitomo Corporation of America, the largest subsidiary of Sumitomo Corporation which is one of Japan’s major integrated trading and investment business enterprises.
“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 Partner of The Boulder Group, added, “Long term leases with rental escalations throughout their term remain in high demand amongst 1031 and private investors.”
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 $4 billion of single tenant net lease real estate transactions. From 2011-2016, 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 #1801
Country: United States