The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant Bank of Bartlett property located at 1870 Kirby Parkway in Germantown, TN for $4,188,000.
The one acre Bank of Barlett property is strategically located at the signalized intersection of Poplar Avenue and Kirby Parkway, which experiences traffic counts of approximately 60,000 vehicles per day. Poplar Avenue is the primary east-west thoroughfare in the area. The property is located approximately twelve miles east of downtown Memphis. The surrounding area is affluent with average annual household incomes in excess of $121,000. A Kroger grocery anchored development is located across the street from the property. Additional retailers located within the immediate vicinity include Target, Best Buy, Sports Authority, Walgreens, Ann Taylor, Hobby Lobby and McDonald’s.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Southeast based partnership. The purchaser was a Tennessee based institution.
There were approximately five years remaining on the Bank of Bartlett lease when the property sold. Bank of Bartlett is a local bank with eight locations and they have been operating since 1980.
“Net lease properties with tremendous residual value due to the strength of their location are highly sought after amongst the investment community” 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.”