Boulder Group Closes Sale of AT&T Building
- Mar 17, 2020
The Boulder Group has closed the sale of a 4,305-square-foot AT&T building in Maplewood, Minn. A private individual investor paid $3.3 million for the asset. Partner Jimmy Goodman and President Randy Blankstein assisted the seller, Oakridge Realty, which acquired the land for $1.2 million in 2017, according to public records.
Located on 0.6 acres at 3070 White Bear Ave., the property was built in 2017. The telecommunications company moved to the building in 2017 and signed a 10-year net lease. Terms of the contract include two five-year renewal options and a 10 percent rent increase with each extension.
Situated close to Interstate 694 and across the street from Maplewood Mall, the building sits in a crowded retail corridor, with such neighbors as ALDI, Verizon and Macy’s. The closest AT&T store is located some 10 miles away in Roseville. Additionally, the property is roughly 17 miles from the AT&T Tower in Minneapolis.
The Boulder Group is active throughout the Midwest. Earlier this month, the same brokerage team negotiated the $25 million sale of a Whole Foods-anchored property in Kildeer, Ill.