Net Lease Valvoline Sold Date December 20, 2022
The Boulder Group, a net lease investment brokerage firm, completed the sale of a single tenant net lease Valvoline property located at 6776 East State Street in Rockford, Illinois for $2,422,430.
The 2,087 square foot property is positioned in a dense retail corridor along East State Street which hosts 28,668 vehicles per day. The Valvoline property is situated in the Shops on State Street alongside a new construction Mission BBQ and Five Guys. Other net lease tenants located in the dense retail corridor include Walmart Supercenter, Sam’s Club, Lowe’s Home Improvement, The Home Depot, Target, Dick’s Sporting Goods, Kohl’s, Marshalls, Hobby Lobby, and several others. Restaurants include Outback Steakhouse, Buffalo Wild Wings, Olive Garden, Portillo’s Hot Dogs, Red Lobster, Applebee’s, and many more. The property is also within proximity to Interstate 39 with 48,975 vehicles per day. There are 126,568 people living within five miles of the property earning an average annual household income of $91,135.
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 who was a Midwest based developer. The buyer was a in a 1031 exchange.
“E-commerce resistant tenants like Valvoline continue to trade regularly” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Investors gravitate towards assets with lower rents in 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