The Boulder Group, a net leased investment brokerage firm, has completed the sale of a new construction net lease AT&T property located at 3070 White Bear Ave in Maplewood, Minnesota for $3,279,250.<\/p>\n
The 4,305 square foot net lease AT&T property is ideally positioned along White Bear Avenue (20,900 VPD) which is a primary north-south thoroughfare and just off of Interstate 694 (74,000 VPD). The property is immediately across from Maplewood Mall (Macy’s & JCPenney- 130+ Stores) which is a top shopping destination located in St Paul, Minnesota, serving the residing communities of the Twin Cities, Maplewood, Oakdale, Little Canada, Vadnais Heights and White Bear Lake. Other retailers in the trade corridor include Costco, Home Depot, Target, Cub Foods, Sam\u2019s Club, Best Buy and ALDI. The property is also located near North High School (1,774 students) which drives continual traffic to the area. There are 193,238 people living within five miles of the property with an average household income of $84,431.<\/p>\n
Jimmy Goodman and Randy Blankstein of The Boulder Group represented the seller in the transaction. The buyer was an individual investor and the seller was a Midwest based developer.<\/p>\n
The tenant, New Cingular Wireless PCS, LLC, is a wholly-owned subsidiary of AT&T Corporation. New Cingular Wireless is the primary corporate entity for AT&T’s retail stores with over 2,200 retail locations worldwide. AT&T Inc. is the world’s largest telecommunications company, the largest provider of mobile telephone services, and the largest provider of fixed telephone services in the United States through AT&T Communications. Since June 14, 2018, it is also the parent company of mass media conglomerate WarnerMedia, making it the world’s largest media and Entertainment Company in terms of revenue. As of 2018, AT&T is ranked #9 on the Fortune 500 rankings of the largest United States corporations by total revenue.<\/p>\n
\u201cInvestors seeking higher yields are trying to buy net leased properties with quality real estate fundamentals\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 Jimmy Goodman, Partner of The Boulder Group, added, \u201cNew construction properties continue to garner significant interest amongst private investors.\u201d<\/p>\n
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