Northbrook, IL- January 4, 2017 – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant Bob Evans property located at 105l El Jobean Road in Port Charlotte, Florida for $1,904,000.
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The property is ideally situated with frontage and visibility on El Jobean Road which experiences a traffic count in of over 26,500 vehicles per day. Bob Evans also benefits from its position as an outparcel to Port Charlotte Town Center, a 765,000-square- foot regional mall anchored by Macy’s, Dillard’s, Sears and Regal Cinemas. The mall serves as the retail epicenter of Charlotte County and is surrounded by a myriad of major national retail tenants including Target, Walmart Supercenter, Sam’s Club, The Home Depot, Kohl’s, Lowe’s Home Improvement, Best Buy and Kmart, among many others.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the 1031 exchange purchaser in the transaction; a Northeast based real estate investor. The Seller is a Midwest based Real Estate Investment Company.
The Bob Evans’ 20-year absolute NNN lease has over 19 years of primary lease term remaining with five 5-year renewal options and 1.5% annual rent escalations throughout the lease term. The restaurant offers breakfast all day and follows a country living theme rooted back to its origins as a single truck stop diner in 1946. Bob Evans Farms, Inc. is a publicly traded company on the NASDAQ (Symbol: BOBE) and operates over 520 corporately owned restaurants in 18 states across the country.
“The market for net lease casual dining properties remains active 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, “Properties priced below $2 million with corporate guarantees continue to garner significant interest amongst private investors”.
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant 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 over $3 billion of single tenant net lease real estate transactions. From 2010-2015, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
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randy (at) bouldergroup (dot) com