Net Leased Albertsons Sale Arranged Date March 20, 2018
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Albertsons property located at 74590 CA-111, Palm Desert, CA for $15,100,000.
The 62,462 square foot net leased Alberstons is positioned along CA State Route 111. The property is well situated on the primary east-west thoroughfare which experiences more than 40,000 vehicles per day. The property is located near a number of national retailers such as Target, Whole Foods, CVS, Best Buy, Westfield Palm Desert Mall (980,041 SF) and numerous country clubs. The property is also located within close proximity to multiple residential communities, local businesses, and schools. There are over 44,666 people living within a three mile radius of the property with an average annual household income in excess of $100,000.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a private real estate investment company based in the southwest. The buyer was a high net worth repeat 1031 investor.
Albertsons has 20 years remaining on their lease and the property was recently renovated in 2015. Albertsons has a strong operating history and sales at the location.
“The market for standalone grocery properties remains active as investors are attracted to the superb locations these types of properties are located in.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “This asset sold in record time due to the strong sales history, low rent and the tenant’s long-term commitment to the location.”
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 2012-2017, 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