The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant net lease Fazoli\u2019s located at 3600 Merle Hay Road in Des Moines, Iowa for $1,255,000.<\/p>\n
The 3,350 square foot net lease Fazoli\u2019s is positioned along Merle Hay Road (32,200 VPD), which is a dominant retail corridor. Retailers within the nearby shopping centers include Target, Kohl\u2019s, Hobby Lobby, Burlington, Bath & Body Works, rue21, Old Navy, Ulta Beauty, and many more. The restaurant makeup in the area is comprised of tenants such as McDonald\u2019s, Buffalo Wild Wings, Chick-Fil-A, and Chipotle. There are over 208,000 people living within 5-miles of the property earning an average annual household income of $90,163. Des Moines is the capital and the most populous city in the U.S. state of Iowa.<\/p>\n
Randy Blankstein and John Feeney of The Boulder Group represented the seller in the transaction, who was a Texas based real estate company. The buyer was a Midwest based real estate investor.<\/p>\n
Fazoli\u2019s has over 10 years remaining on their lease. Fazoli’s is an American fast casual restaurant chain headquartered in Lexington, Kentucky. It was founded in 1988 and is now owned by Sentinel Capital Partners. As of January 2021, there are 215 Fazoli’s located nationwide.<\/p>\n
\u201cThe placement among multiple retail centers made this an attractive acquisition\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 John Feeney, Senior Vice President of The Boulder Group, added, \u201cThe market for e-commerce resistant properties remains active.\u201d<\/p>\n