The Boulder Group, a net lease investment brokerage firm, completed the sale of a single tenant net lease Valvoline property located at 6776 East State Street in Rockford, Illinois for $2,422,430.<\/p>\n
The 2,087 square foot property is positioned in a dense retail corridor along East State Street which hosts 28,668 vehicles per day. The Valvoline property is situated in the Shops on State Street alongside a new construction Mission BBQ and Five Guys. Other net lease tenants located in the dense retail corridor include Walmart Supercenter, Sam\u2019s Club, Lowe\u2019s Home Improvement, The Home Depot, Target, Dick\u2019s Sporting Goods, Kohl\u2019s, Marshalls, Hobby Lobby, and several others. Restaurants include Outback Steakhouse, Buffalo Wild Wings, Olive Garden, Portillo\u2019s Hot Dogs, Red Lobster, Applebee\u2019s, and many more. The property is also within proximity to Interstate 39 with 48,975 vehicles per day. There are 126,568 people living within five miles of the property earning an average annual household income of $91,135.<\/p>\n
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Valvoline Inc. is an American manufacturer and distributor of Valvoline-brand automotive oil, additives, and lubricants. It also owns the Valvoline Instant Oil Change and Valvoline Express Care chains of car repair centers. Valvoline operates and franchises approximately 1,400 quick-lube locations.<\/p>\n
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Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction who was a Midwest based developer. The buyer was a in a 1031 exchange.<\/p>\n
\u201cE-commerce resistant tenants like Valvoline continue to trade regularly\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 Jimmy Goodman, Partner of The Boulder Group, added, \u201cInvestors gravitate towards assets with lower rents in regional trade areas.\u201d<\/p>\n