Net Lease Cricket Wireless Property Sale Arranged Date October 17, 2017
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net lease Cricket Wireless property located at 1705 Alma Avenue in Perryville, Missouri for $610,000.
The 2,150 square foot net lease Cricket Wireless property is strategically located on the corner of Alma Avenue and Perryville Boulevard. Perryville Boulevard is the primary north-south thoroughfare in the trade area and connects the property to Interstate-55 with interchange access. The property is located within close proximity to multiple residential communities and local businesses. Retailers in the immediate area include Walmart Supercenter, McDonald’s, Burger King, Taco Bell and Buchheit, a home center chain. There are a number of hotels in the area including Comfort Inn, Days Inn, Holiday Inn and Super 8.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a West-Coast real estate investment group. The purchaser was a Mountain-West based real estate investor.
The Cricket Wireless property has approximately 10 years remaining on the lease. The triple net lease features a 7.14% rent escalation in 2022 and 7.50% rent escalation in each of the two 5-year renewal option periods. Cricket Wireless is a wholly owned subsidiary of AT&T Inc, a publicly traded company (NYSE: T) and investment grade rated company with a Standard & Poor’s rating of BBB+. The Cricket Wireless lease was personally guaranteed by the CEO of Gateway Wireless, LLC; a rapidly-growing Cricket Wireless franchisee with more than 70 store locations throughout the Midwest.
“Properties featuring long term leases to national tenants remain at the forefront of investor demand.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “This ten year lease generated an abundance of activity due to the fact it was a nationally recognizable tenant with rental escalations priced below $1 million.”
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. www.bouldergroup.comBack