The Boulder Group, a net leased investment brokerage firm, has completed the sale of a two-tenant strip center located at 720 West Williams Street in Apex, North Carolina for $2,300,000.
The two-tenant property is fully occupied by a corporately guaranteed Verizon Wireless store and Yong-In Martial Arts. The property is located adjacent to a Rite Aid at a signalized intersection. The signalized intersection of West Williams Road and Hunter Street experiences traffic counts in excess of 35,000 vehicles per day. The strip center is benefitted from its’ location adjacent to a Harris Teeter grocery anchored development and across the street from a Lowes Foods anchored development. There are five years remaining on both the corporately guaranteed Verizon Wireless lease and the Yong-In Martial Arts lease.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the seller and purchaser in the transaction. The seller was a North Carolina based partnership and the purchaser was an East Coast based private investment firm. There are five years remaining on both the corporately guaranteed Verizon Wireless lease and the Yong-In Martial Arts lease. There is a 10% rental escalation in the renewal option for Verizon Wireless. Verizon Wireless is an investment grade tenant (S&P: BBB+) and is publicly traded (NYSE: VZ) with a market capitalization in excess of $205 billion.
