The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased McDonald\u2019s ground lease property located at 211 East Little Creek Road in Norfolk, Virginia for $3,260,000.<\/p>\n
The\u00a0 McDonald\u2019s ground lease property is strategically located immediately off of Interstate 64 (138,000 VPD) where it has excellent visibility and easy access. The property sits at the entrance of a future development site for an apartment development. McDonald\u2019s has been operating at this location since 1993 illustrating its commitment to this location. The McDonald\u2019s property is well located in a retail corridor with Walmart Supercenter, Harris Teeter, Walgreens, 7-Eleven, Starbucks, Kroger, Wells Fargo and Food Lion. There are 227,341 people living within five miles of the property.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller is a Midwest based real estate firm and the buyer is a private investor in a 1031 exchange.<\/p>\n
\u201cE-commerce resistant retailers including tenants in the QSR sector continue to be in high demand amongst investors\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 Jimmy Goodman, Partner of The Boulder Group, added, \u201cSingle tenant McDonald\u2019s properties generate some of the lowest cap rates due to their impeccable credit and lease qualities.\u201d<\/p>\n