Randy Blankstein and Jimmy Goodman of The Boulder Group represented the purchaser; a California based partnership in a 1031 Exchange.
Northbrook, IL -- (SBWIRE) -- 12/20/2013 -- The Boulder Group, a net leased investment brokerage firm specializing in single tenant assets, has completed the sale of a single tenant Wells Fargo ground lease located at 2005 Taylor Street, Houston, TX for $3,940,000.
Wells Fargo is the sole occupant of the 4,017 square foot retail building that was developed in 2006. The property is located on a 32,947 square foot parcel within a Super Target anchored retail trade area. The property is located approximately two miles northwest of downtown Houston in a dense area with over 168,000 people living within three miles of the property. The lease had thirteen years remaining at the time of sale and features multiple rental escalations in the primary term.
Wells Fargo is an investment grade rated company with a Standard & Poor’s rating of A+ and has over 9,000 locations. Wells Fargo has thirteen years of lease term remaining on an original twenty year triple net ground lease. Wells Fargo is a publicly traded company on the New York Stock Exchange (WFC), with a market capitalization of $230 billion.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the purchaser; a California based partnership in a 1031 Exchange. The seller was a Texas based real estate firm.
“The market for bank 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, “Core market single tenant assets with solid real estate fundamentals continue to be in the greatest demand.”
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 Chicago. The company’s website address is www.bouldergroup.com