The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net lease Boot Barn property located at 1775 Vann Drive in Jackson, Tennessee for $2,000,000.<\/p>\n
The 8,000 square foot net lease Boot Barn building is located immediately off Interstate 40 along Vann Drive in Jackson\u2019s primary retail corridor. Retailers located in the immediate area include Walmart Supercenter, The Home Depot, Sam\u2019s Club, Lowe\u2019s Home Improvement, Dick\u2019s Sporting Goods, Ross Dress for Less and Kohl\u2019s. Directly west of the Boot Barn location, construction is in progress for a mixed-use project. The project offers a destination featuring shopping, restaurants and a luxury 312 unit apartment project. Two miles north of the property is Union University, a top-ranked private university with over 4,300 students. The property is also located within close proximity to multiple residential communities and local businesses. There are 64,000 people living within a five mile radius of the property with average annual household incomes of roughly $70,000 per year.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction. The seller was a Southern-based commercial real estate investment and development company. The purchaser was a Northeast-based private partnership.<\/p>\n
Boot Barn has over nine years on their lease which features a 10% rental escalation in the primary term and in each of the four 5-year renewal option periods. The property is brand new construction designed specifically for Boot Barn.\u00a0 Boot Barn is the nation\u2019s leading lifestyle retailer of western and work-related footwear, apparel and accessories with more than 200 stores in 29 states. Boot Barn is a publicly traded company on the New York Stock Exchange using the symbol \u201cBOOT\u201d.<\/p>\n