Net Leased North Carolina DOT Office Building Sale Arranged Date August 3, 2017
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased office building leased to the North Carolina Department of Transportation located at 4101 Capital Boulevard in Raleigh, NC for $6,900,000.
Totaling approximately 66,000 square feet, the Property is 100% occupied by the State of North Carolina, specifically the Department of Transportation. The property is a single-story flex/office building situated on approximately 6.07 acres of land along Capital Boulevard. Capital Boulevard is the primary north-south thoroughfare in the area experiencing traffic counts of 63,000 vehicles per day. The property features multiple points of ingress and egress and is easily accessible. National retailers in the immediate area include Lowe’s Home Improvement, Sam’s Club, Burlington Coat Factory, ALDI, Walgreens and CVS Pharmacy. There are more than 203,300 people living within a five-mile radius of the property earning an average household income in excess of $78,825 per year.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer in the transaction; a Midwest based real estate investment firm. The seller was a private real estate partnership based in the Southeast.
There are 5 years remaining on the lease which expires in February 2022. The lease features 2.5% annual increases in the primary term and in the two 1-year renewal option periods. The Property serves a mission critical role as the main infrastructure site (IT hub and training center) for the Department of Transportation serving the entire state of North Carolina.
“This property offered the investor an opportunity to acquire a mission critical asset strategically located in a strong local market,” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “The property’s prime location and government related credit tenancy combined with market rents created this exceptional investment opportunity.”
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