Net Lease Valvoline Sold Date March 9, 2023
The Boulder Group, a net lease investment brokerage firm, completed the sale of a single tenant net lease Valvoline property located at 3421 North University Avenue in Peoria, Illinois for $1,590,000.
The 1,891 square foot property is positioned at a signalized hard corner along North University Avenue which hosts 26,200 vehicles per day. There are several retailers surrounding the net lease Valvoline asset including Walmart, ALDI, Ace Hardware, Dunham’s Sports, Hobby Lobby, Walgreens, McDonald’s, O’Reilly Auto Parts, PNC Bank, and several others. Interstate 74 (40,900 VPD) and War Memorial Drive (30,200 VPD) are also within close proximity to the property and feed continual traffic through the corridor. There are 119,234 people living within five miles of the property earning an average household income of $77,783.
The property was constructed in 2022 for Valvoline Instant Oil Change. Valvoline Inc. is an American manufacturer and distributor of Valvoline-brand automotive oil, additives, and lubricants. It also owns the Valvoline Instant Oil Change and Valvoline Express Care chains of car repair centers. Valvoline operates and franchises approximately 1,400 quick-lube locations.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction while the buyer was represented by Alan Fruitman from 1031Tax. The buyer was a Midwest based investor involved in a 1031 exchange. The seller was a real estate investment company based in the Midwest.
“E-commerce resistant tenants like Valvoline continue to sell in this economic environment” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Private investors gravitate towards assets with low price points in solid regional trade areas.”
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 2012-2019, 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