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.<\/p>\n
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.<\/p>\n
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.\u00a0\u00a0 The buyer was a high net worth investor from the west coast.<\/p>\n
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\u2019s, O\u2019Reilly Auto Parts, Aldi and KFC.<\/p>\n
\u201cThe market for industrial\/flex net lease properties remains active as these assets are in high demand among both institutional and private investors.\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 Jimmy Goodman, Partner of The Boulder Group, added, \u201cThere is\u00a0 an increase in demand for non-investment grade properties as they generate higher yields than the typical core net lease assets.\u201d<\/p>\n