Northbrook, IL -- (ReleaseWire) -- 06/06/2013 -- The Boulder Group, a net leased investment brokerage firm specializing in single tenant assets, has completed the sale of a single tenant Sonic ground lease located at 3290 Olentangy River Road, Columbus, Ohio for $975,000.
Sonic is the sole occupant of the 1,620 square foot building located on a 1.17 acre parcel. The property is located along Olentangy River Road, a primary north-south thoroughfare in the area which travels south through the Ohio State University campus. Olentangy River Road runs parallel to Olentangy Freeway, which experiences traffic volumes in excess of 71,000 vehicles per day creating constant traffic near the site. Nearby national retailers along Olentangy River Road include Kohl’s, Kroger, Big Lots and PNC Bank. The University of Ohio State campus and numerous student housing apartments are located less than one-half mile from the property, and the population is in excess of 311,000 within five miles of the property.
The building is leased on a triple net lease basis with approximately ten years of lease term remaining. The lease has 10% rental escalations every five years including the option periods. Sonic is a publicly traded company on the NASDAQ (SONC) with over 3,500 locations in 43 states.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a private partnership based in Milwaukee. The buyer was an Ohio based high net worth individual.
“The market for net leased properties priced under $1 million remains robust as these assets are in high demand among private investors.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “As there is a limited amount of assets leased to credit tenants available, some net lease investors are seeking higher yielding assets like quick service restaurants leased to secondary credits.”
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