The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant\u00a0 net leased Firestone located at 3190 Market Lane in Kenosha, Wisconsin for $3,237,500.<\/p>\n
The net leased Firestone was recently constructed 8,010 square foot property is strategically located just off Green Bay Road (29,260 VPD). Additionally, the property is ideally located at the hard corner of a signalized intersection. Firestone serves as one of the primary vehicle maintenance destinations for residents in the area with limited competition. Firestone is also located less than 5 miles from Carthage College with over 2,800 students enrolled. Kenosha is 40 miles from Milwaukee and roughly 65 miles from downtown Chicago. There are over 110,000 people living within five miles of the property.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer in the transaction. The seller is a real estate investor based in the Southwest and the buyer was a repeat 1031 exchange client in the Midwest.<\/p>\n
There are eighteen years remaining on the Firestone lease. The lease features a 10% rent escalation in year 11, then 10% every five thereafter. There are four 5-year renewal options. Firestone is a subsidiary of the investment grade company, Bridgestone, with an S&P rating of A-. Bridgestone operates over 2,200 Firestone locations across the U.S. alone.<\/p>\n
\u201cNew construction properties with long term leases to investment grade tenants with rental escalations are the most sought-after net lease product\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 Jimmy Goodman of The Boulder Group, added, \u201cThe market for auto related assets remains active as they offer a stable investment at attractive yields.\u201d<\/p>\n