Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a private investment firm based in the Midwest.
Northbrook, IL -- (ReleaseWire) -- 09/06/2013 --The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant Aaron’s property located at 1418 East 4th Avenue in Hutchinson, Kansas for $1,241,000.
Aaron’s is the sole occupant of the 7,200 square foot retail building that was developed in 2011. The lease was corporately guaranteed by Aaron’s Inc., an investment grade rated company with a NAIC 2 rating. The property is positioned at a signalized intersection along the primary thoroughfare in the area. Hutchinson is the largest city within Reno County and serves as a retail trade destination for surrounding cities. The Hutchinson Mall, anchored by JCPenney, Dillard’s and Jo-Ann Fabrics, is located less than one mile from the property. Other nearby retailers include Wal-Mart Supercenter, Target, Home Depot, Lowe’s and the Mall 8 Theater. The property is leased to Aaron’s Inc. on a net lease basis with approximately thirteen years of lease term remaining. The lease features 7.5% rental escalations every five years.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a private investment firm based in the Midwest. The buyer was a Texas based investment partnership.
Aaron’s had thirteen years remaining on the initial lease term at the point of sale. Aaron’s is a publicly traded company on the New York Stock Exchange (AAN), with a market capitalization over $2 billion. Aaron’s is an investment grade rated company with a NAIC 2 rating.
“The market for net leased properties like this Aaron’s remains strong as investors are attracted to long term leases with rental escalations to investment grade tenants” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “While the majority of single tenant investment activity is focused on core markets, we are starting to see investors focus primarily on the quality of the tenant rather than the top tier locations.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of more than $1.6 billion of net lease real estate transactions through several real estate cycles. The firm was ranked in the Top 10 companies in the nation for single tenant retail transactions in 2012 by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com