The Boulder Group has successfully completed the sale of a single tenant net leased Hobby Lobby property in Avon, Indianapolis.
The property in question is located at 212 Gable Crossing Drive in the western suburbs of Indianapolis, and was sold for $5,750,000. The 56,100 ft.² building was only recently developed, and is a single tenant property which has a long-term lease to Hobby Lobby, a specialist arts and crafts company with more than 450 locations nationwide.
The seller was a private company, and the buyer an institutional investment firm. Both were represented by Randy Blankstein and Jimmy Goodman of The Boulder Group.
Randy Blankstein, President of the The Boulder Group, says “Single tenant Hobby Lobby properties are very rare in the net lease market and investors are seeking noninvestment tenants due to the scarcity of quality product.”
Jimmy Goodman, partner of The Boulder Group, commented that “Assets located in primary metropolitan areas, such as Indianapolis, are where the majority of transactions are occurring in the single tenant marketplace.”
The Boulder group is a boutique investment real estate service firm which specializes in net lease properties. The firm has a large and diverse client base including high net worth individuals, REITs, partnerships, developers and institutional investment funds, and is able to provide the complete range of brokerage, advisory and financing services.
Core services offered include net lease seller and buyer representation, financing solutions, corporate sales leasebacks and portfolio analysis. The group’s investment research gives industry leading insights enabling clients to develop net lease investment strategies.
Since the firm was founded in 1997 it has been instrumental in the acquisition and disposition of over $1.2 billion of net lease real estate transactions through several real estate cycles. The headquarters of The Boulder Group are in suburban Chicago.