Net Leased Classic Optical Property Sale Arranged Date August 17, 2018
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Classic Optical property located at 3710 Belmont Avenue in Youngstown, Ohio for $2,729,610.
The 29,710 square foot flex building is used by Classic Optical Laboratories, an Essilor of America owned laboratory, to manufacture prescription lenses. Essilor International is the world leader for corrective lenses with operations in over 100 countries. Classic Optical Laboratories has operated at this located since 1982 and has exercised their 3-year renewal option early, showing their commitment to the location. In addition, Classic Optical has planned a $4 million redesigned, renovation and expansion of their factory and facility that will significantly improve the property. Beyond the large capital investment, Classic Optical has also signed a new lease for a brand new parking lot adjacent to the building that is currently under construction.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller was a private family based in the southeast. The buyer was a high net worth investor from the west coast.
The subject property is located along Belmont Avenue (Ohio State Route 193), the primary north-south thoroughfare in the trade area which experiences traffic counts of 29,940 VPD. The property benefits from its close proximity to the Interstate 80 and Highway 11/711 interchange with easy access to Interstate 80. There is a Walmart Supercenter anchored shopping center located across the street which creates strong traffic flow in the immediate area. It is located within a dense retail corridor with many national retailers in the immediate vicinity including Chase Bank, McDonald’s, O’Reilly Auto Parts, Aldi and KFC.
“The market for industrial/flex net lease properties remains active as these assets are in high demand among both institutional and private investors.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “There is an increase in demand for non-investment grade properties as they generate higher yields than the typical core net lease assets.”
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 $5 billion of single tenant net lease real estate transactions. From 2012-2017, 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