Wells Fargo Ground Lease Sale Arranged Date July 9, 2019
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Wells Fargo ground lease located at 2005 Taylor Street in Houston, Texas for $3,936,813.
The Wells Fargo property is centrally located in a retail corridor featuring Target, Kroger, Staples, PetSmart and numerous quick service restaurants. The surrounding area, referred to as the Washington Avenue/Memorial Park neighborhood, has become one of Houston preferred places to live and has seen significant capital investment over the last decade. Further contributing to the strength of the immediate area is the numerous luxury residential properties such as Sawyer Heights Village (326-units), Estates at Memorial Heights (437-units) and 24Eleven Washington (222-units).
Randy Blankstein and John Feeney of The Boulder Group represented the seller in the transaction; a private partnership. The buyer was a private investor based in Texas.
There are 7 years remaining on the Wells Fargo ground lease which expires October 31, 2026. The lease features 7% rental escalations every five years throughout the primary term and renewal option periods. Wells Fargo is publicly traded on the New York Stock Exchange (symbol: WFC) and is an investment grade rated company with a Standard & Poor’s rating of “A”.
“Bank properties in major metros with strong a deposit history continue to garner significant investor interest.” said Randy Blankstein, President of The Boulder Group. John Feeney, Senior Vice President of The Boulder Group, added, “Net Lease investors continue to be attracted to ground leased properties with no landlord responsibilities.”
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 2012-2018, 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