Net Leased Valvoline Sold

The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant Valvoline located at 584 W Main Street in Cookeville, Tennessee for $1,590,909.

This property is located in an income tax-free state and features new construction across from Walmart Supercenter. The lease includes 10% rental escalations every five years and is structured as a NNN ground lease. Situated just off Highway 111, which sees 27,500 vehicles per day, the property is surrounded by a population of over 46,500 within a five-mile radius. The average household income within a three-mile radius is $80,925. Neighboring retailers include McDonald’s, Zaxby’s, Dollar Tree, Sonic, Taco Bell, AutoZone, Food Lion, Dunkin’, and several others.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented both sides in the transaction. The buyer was a real estate partnership based in the Midwest and the seller was a southeast based real estate developer.

Valvoline Instant Oil Change, a part of Valvoline Inc., offers quick and convenient oil change services. Founded in 1866, Valvoline Inc. is a leading worldwide marketer and supplier of premium branded lubricants and automotive services, known for its reliability and customer-focused approach, helping to keep vehicles running smoothly and efficiently.

“New construction properties with long term leases to corporate 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 new construction assets leased to e-commerce resistant tenants remains active as they offer a stability to passive real estate investors.”

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