The Boulder Group, a net leased investment brokerage firm, has completed the sale of a new construction single tenant U.S. Cellular property located at 2933 Milwaukee Road in Beloit, WI for $1,530,000.
The U.S. Cellular property is located at the northwest corner of the signalized intersection of Milwaukee Road and Freeman Parkway. Milwaukee Road is the primary thoroughfare in the trade area and experiences traffic counts in excess of 23,000 vehicles per day. The U.S. Cellular property is strategically located within a prime retail corridor and is an outparcel to a Walmart Supercenter and Menards. There are 10 years remaining on the U.S. Cellular lease.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Wisconsin based Real Estate Investment Company. The buyer was a Midwest based private partnership. U.S. Cellular has ten years remaining on their lease that expires in January 2024. There are three 3-year renewal options with rental escalations in each. U.S. Cellular is publicly traded on the New York Stock Exchange with a market capitalization in excess of $3 billion. “The activity in the net lease market continues to transact for corporately guaranteed single tenant properties with ten or more years of lease term remaining” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “There is an abundance of transaction volume from private investors for assets priced below $2 million.”