The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net lease Perkins Restaurant & Bakery located at 3005 Highway 10 East in Moorhead, Minnesota for $2,100,000.<\/p>\n
Perkins Restaurant & Bakery is located in Moorhead, Minnesota, which is part of the Fargo-Moorhead metropolitan area. Perkins has occupied this site since the structure was built in 1994 and updated in 2004. Perkins is scheduled for a full remodel in 2018. The property is strategically located along Highway 10 East which is a primary thoroughfare in the area and features traffic volumes in excess of 20,000 vehicles per day. The surrounding area features many national retailers including: McDonalds, Tractor Supply Company, K-Mart, and Target.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the purchaser in the transaction; a high net worth Midwest based investor.\u00a0 The seller was a west coast high net worth individual.<\/p>\n
There are five years remaining on the original 15 year lease with two 5-year renewal options.\u00a0 Perkins Restaurant & Bakery operates 410 restaurants in 33 states and five Canadian provinces.<\/p>\n
\u201cRestaurant properties with corporate guarantees continue to garner significant interest amongst private investors\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 Jimmy Goodman, Partner of The Boulder Group, added, \u201cAs there is a limited amount of long term core assets on the market, some net lease investors are seeking assets with shorter term leases in strong retail corridors for higher yields.\u201d<\/p>\n
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