The Boulder Group completed the sale of a single-tenant net-leased Advance Auto Parts property at 6830 Goodman Road in Olive Branch, Mississippi, for $1.77 million. Olive Branch is located about 25 miles from Memphis.
The 7,000-square-foot property is positioned along Goodman Road, a primary retail thoroughfare. Big-box retailers in the area include The Home Depot, Walmart Supercenter, Kroger, Lowe’s Home Improvement and several others. The big box stores are accompanied by dozens of other tenants including McDonald’s, Walgreens, CVS, ALDI, Jersey Mike’s Subs, Popeye’s, Arby’s and many more.
The site has effortless access to US Highway 78 and 89,878 people live within five miles of the property earning an average annual income of $72,637 while the annual population growth rate is 1.24 percent. The property is 30 minutes from downtown Memphis, Tennessee. The tenant recently extended the lease.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, who was a private Northeast real estate investor. The buyer was based in the east coast and in a 1031 exchange.