The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant Safelite AutoGlass property located at 1039 Centre Pointe Boulevard in Pearl, MS for $2,334,000.
The newly constructed 20,317 square foot Safelite AutoGlass property is located in the immediate proximity to Jackson-Medgar Wiley Evers International Airport. The 2.2 acre parcel is located within the Airport Metroplex Commercial Park and is located less than ten miles east of downtown Jackson. The new Safelite AutoGlass lease is for 15 years.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer in the transaction; a Florida based real estate investment company. The seller was a Texas based real estate development company. Safelite AutoGlass has 15 years remaining on their absolute net lease. The lease features 10% rental escalations every five years. Safelite AutoGlass is the largest auto glass repair and replacement organization in the United States with annual sales in excess of $1 billion and over 420 locations. “As there are a limited amount of core assets in the market, some investors are seeking higher yielding assets such as properties leased to non-investment grade tenants.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Properties featuring long term leases with multiple rental escalations throughout the primary term continue to remain at the forefront of investor demand.”