The Boulder Group, a net leased investment brokerage firm, has completed the sale of a new construction single tenant Petco property located at 298 Spring Creek Drive in Franklin, TN for $3,190,000.
The newly constructed 10,903 square foot Petco is located in a thriving retail corridor along Interstate 65. The building is adjacent to a Kohl’s and Walmart Supercenter. The surrounding area is affluent with average annual household incomes of approximately $130,000 within a seven mile radius. The CoolSprings Galleria, a 1.1 million square foot regional mall, is located less than two miles from the property. Petco has ten years remaining on their lease.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer in the transaction; a Florida based private real estate investor in a 1031 Exchange. The seller was a southeastern based developer. The newly constructed Petco has a lease for ten years and expires January 31, 2025. The lease features rental escalations every five years throughout the primary term and renewal option periods. Petco is a privately held pet specialty retailer with over 1,300 locations across the United States, Mexico, and Puerto Rico. “The market for net leased properties in top MSA’s remains active as these assets are in high demand among private investors” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Properties featuring long term leases with rental escalations throughout remain in the forefront of 1031 investor demand.”
