Net Lease Fazoli’s Sale Arranged Date June 3, 2021
The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant net lease Fazoli’s located at 3600 Merle Hay Road in Des Moines, Iowa for $1,255,000.
The 3,350 square foot net lease Fazoli’s is positioned along Merle Hay Road (32,200 VPD), which is a dominant retail corridor. Retailers within the nearby shopping centers include Target, Kohl’s, Hobby Lobby, Burlington, Bath & Body Works, rue21, Old Navy, Ulta Beauty, and many more. The restaurant makeup in the area is comprised of tenants such as McDonald’s, Buffalo Wild Wings, Chick-Fil-A, and Chipotle. There are over 208,000 people living within 5-miles of the property earning an average annual household income of $90,163. Des Moines is the capital and the most populous city in the U.S. state of Iowa.
Randy Blankstein and John Feeney of The Boulder Group represented the seller in the transaction, who was a Texas based real estate company. The buyer was a Midwest based real estate investor.
Fazoli’s has over 10 years remaining on their lease. Fazoli’s is an American fast casual restaurant chain headquartered in Lexington, Kentucky. It was founded in 1988 and is now owned by Sentinel Capital Partners. As of January 2021, there are 215 Fazoli’s located nationwide.
“The placement among multiple retail centers made this an attractive acquisition” said Randy Blankstein, President of The Boulder Group. John Feeney, Senior Vice President of The Boulder Group, added, “The market for e-commerce resistant properties remains active.”
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 2012-2020, 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