Net Lease AT&T Property Sale Arranged Date March 16, 2020
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a new construction net lease AT&T property located at 3070 White Bear Ave in Maplewood, Minnesota for $3,279,250.
The 4,305 square foot net lease AT&T property is ideally positioned along White Bear Avenue (20,900 VPD) which is a primary north-south thoroughfare and just off of Interstate 694 (74,000 VPD). The property is immediately across from Maplewood Mall (Macy’s & JCPenney- 130+ Stores) which is a top shopping destination located in St Paul, Minnesota, serving the residing communities of the Twin Cities, Maplewood, Oakdale, Little Canada, Vadnais Heights and White Bear Lake. Other retailers in the trade corridor include Costco, Home Depot, Target, Cub Foods, Sam’s Club, Best Buy and ALDI. The property is also located near North High School (1,774 students) which drives continual traffic to the area. There are 193,238 people living within five miles of the property with an average household income of $84,431.
Jimmy Goodman and Randy Blankstein of The Boulder Group represented the seller in the transaction. The buyer was an individual investor and the seller was a Midwest based developer.
The tenant, New Cingular Wireless PCS, LLC, is a wholly-owned subsidiary of AT&T Corporation. New Cingular Wireless is the primary corporate entity for AT&T’s retail stores with over 2,200 retail locations worldwide. AT&T Inc. is the world’s largest telecommunications company, the largest provider of mobile telephone services, and the largest provider of fixed telephone services in the United States through AT&T Communications. Since June 14, 2018, it is also the parent company of mass media conglomerate WarnerMedia, making it the world’s largest media and Entertainment Company in terms of revenue. As of 2018, AT&T is ranked #9 on the Fortune 500 rankings of the largest United States corporations by total revenue.
“Investors seeking higher yields are trying to buy net leased properties with quality real estate fundamentals” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “New construction properties continue to garner significant interest amongst 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 $6 billion of single tenant net lease real estate transactions. From 2012-2018, 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