The Boulder Group has completed the sale of a single tenant net leased Kroger property located at 2701 Columbus St. in Ottawa for $2.7 million.
The 44,038-square-foot property was built in 1982 and is located in the primary retail trade area of Ottawa. The property is located along Columbus Street, a primary thoroughfare in the area, which experiences traffic volumes in excess of 18,000 vehicles per day. Kroger is located within the regional trade area, which features a Wal-Mart Supercenter and a site that Menard’s has targeted for a future location.
The building is leased to Kroger on a triple net basis with four years remaining. Kroger is a publicly traded company with a market capitalization of $13 billion. Kroger is an investment grade rated company with a Standard & Poor’s rating of BBB.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller; an Illinois limited partnership, in the transaction. The buyer was a California limited liability company.
“The market for net leased properties with shorter term leases remains active as investors are attracted to the higher yield these assets generate,” said Blankstein, president of The Boulder Group.
