Boulder Group Arranges Wisconsin Retail Sale
- Jul 03, 2020
The Boulder Group has brokered the $3.2 million sale of a roughly 8,000-square-foot retail asset in Kenosha, Wisc. Public records show the property last traded in 2018 for nearly $3.1 million.
President Randy Blankstein and Partner Jimmy Goodman from the brokerage company worked on behalf of the buyer, a 1031 exchange investor from the Midwest. The seller was a Southwest-based investor.
Recently, in a similar transaction, Blankstein and Goodman closed the $28.4 million sale of a Pick ‘n Save retail asset in Menomonee Falls, Wisc.
Located at 3190 Market Lane just off Green Bay Road, the asset is close to a dense residential area. Completed in 2016 on a 1.4-acre site, the property serves more than 110,000 people within a five-mile radius and is situated some 36 miles from Milwaukee, Wisc., and 64 miles from downtown Chicago.
The single-tenant building is fully leased to Firestone, a subsidiary of Bridgestone, with eighteen years remaining on the lease. The contract includes a 10 percent escalation in year 11, then 10 percent every five years thereafter and four five-year renewal options. According to Blankstein, newly built constructions with long-term leases to investment-grade tenants with rental escalations are the most in-demand net lease product.