Northbrook, IL -- (SBWIRE) -- 01/24/2014 -- The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Best Buy property located at 23000 Savi Ranch Parkway in Yorba Linda, California for $6,600,000.
Best Buy is the sole occupant of the 46,449 square foot retail building that is located within the Los Angeles MSA. The property is located on a 4.0 acre parcel in a primary retail trade area that is densely populated with many of the nation’s largest big-box retailers. Some retailers in the immediate vicinity include Costco, Kohl’s, Home Depot, Target, and Dick’s Sporting Goods. The Best Buy is adjacent to Riverside Freeway 91, which experiences traffic counts in excess of 300,000 vehicles per day. The property is located in affluent Orange County with average household income in excess of $134,800 within three miles of the Best Buy. There are four years remaining on the net lease which also features three 5-year renewal option periods.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based high net worth individual. The buyer was a Midwest based corporation.
Best Buy has four years of lease term remaining with three 5-year renewal option periods. Best Buy is a publicly traded company on the New York Stock Exchange (BBY), with a market capitalization of $12 billion. Best Buy employees over 145,000 people and has over 1,400 locations in the United States.
“The market for net leased properties with shorter term leases remains active as investors are attracted to the higher yield these assets generate” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Real estate fundamentals like low rental rates in core areas play an important role in evaluating short-term leased properties.”
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. From 2011-2013, 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 Chicago. http://bouldergroup.com/NNN-Properties-For-Sale.html