July 31, 2017— The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Goodwill property located at 1715 Wisconsin Avenue in Grafton, Wisconsin for $3,074,400.
The 21,400 square foot property is located on Wisconsin Avenue at a hard corner. Wisconsin Avenue is a primary north-south thoroughfare in the area. The property benefits from its position within a strong retail corridor that features Shopko, Pick ‘n Save (Kroger), Walgreens, Ace Hardware, O’Reilly Auto Parts, NAPA Auto Parts and a number of quick service restaurants.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based real estate investment group. The purchaser was a west coast based real estate investment group.
Goodwill has 10 years remaining on their lease which expires August 31, 2027. The lease features a rental escalation in the primary term and in each of the three 5-year renewal option periods. The Goodwill property includes a drive-thru donation center and quality signage located prominently on Wisconsin Avenue. Goodwill is a nonprofit organization that provides job training, employment placement services, and other community-based programs for seniors, veterans, and people with disabilities, criminal backgrounds and other specialized needs.
“Goodwill is a tenant that has increasingly attracted attention from investors” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “There is an increase in demand for non-investment grade properties as they generate higher yields than the credit net lease assets.”