CHICAGO - The Boulder Group, a net leased investmentfirm, has completed the sale of a single tenant AutoZone ground lease located at 6015 West Forest Home Avenue in Milwaukee, Wisconsin for $925,000.
AutoZone is the sole occupant of the property that was developed in 2004. The property is located on a 27,007 square foot parcel at the southwest corner of the signalized intersection of West Forest Home Avenue and South 60th Street in Milwaukee. The property is located one mile north of Interstate 894/43, which experiences traffic volumes in excess of 115,000 vehicles per day. The property is fully leased to AutoZone with eleven years of lease term remaining and has two 10% rental escalations remaining during the primary term of the lease.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private partnership based in the Midwest. The buyer was a high net worth individual in a 1031 exchange.
AutoZone has eleven years of lease term remaining on an original 20 year ground lease. AutoZone is a publicly traded company on the New York Stock Exchange (AZO), with a market capitalization of $15 billion. AutoZone is an investment grade rated company with a Standard & Poor’s rating of BBB and has over 5,000 locations nationwide.
“The market for ground leases with investment grade tenants remains strong as investors are attracted to the typical long term leases with rental escalations.”said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “High net worth individuals are attracted to net leased assets as they offer a more favorable return then most financial securities.”
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 $1.6 billion of single tenant net lease real estate transactions. In 2011 and 2012, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by Real Capital Analytics. The Boulder Group is headquartered in suburban www.bouldergroup.com.