Net Leased Firestone Sale Arranged Date July 1, 2020
The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant net leased Firestone located at 3190 Market Lane in Kenosha, Wisconsin for $3,237,500.
The net leased Firestone was recently constructed 8,010 square foot property is strategically located just off Green Bay Road (29,260 VPD). Additionally, the property is ideally located at the hard corner of a signalized intersection. Firestone serves as one of the primary vehicle maintenance destinations for residents in the area with limited competition. Firestone is also located less than 5 miles from Carthage College with over 2,800 students enrolled. Kenosha is 40 miles from Milwaukee and roughly 65 miles from downtown Chicago. There are over 110,000 people living within five miles of the property.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer in the transaction. The seller is a real estate investor based in the Southwest and the buyer was a repeat 1031 exchange client in the Midwest.
There are eighteen years remaining on the Firestone lease. The lease features a 10% rent escalation in year 11, then 10% every five thereafter. There are four 5-year renewal options. Firestone is a subsidiary of the investment grade company, Bridgestone, with an S&P rating of A-. Bridgestone operates over 2,200 Firestone locations across the U.S. alone.
“New construction properties with long term leases to investment grade tenants with rental escalations are the most sought-after net lease product” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman of The Boulder Group, added, “The market for auto related assets remains active as they offer a stable investment at attractive yields.”
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