The Boulder Group completed the sale of a single-tenant Firestone at 3190 Market Lane in Kenosha, Wisconsin, for more than $3.2 million.
The recently constructed 8,010-square-foot property is located just off Green Bay Road at the hard corner of a signalized intersection. Firestone serves as one of the primary vehicle maintenance destinations for residents in the area with limited competition. Firestone is also located less than five miles from Carthage College with more than 2,800 students enrolled.
Kenosha is 40 miles from Milwaukee and roughly 65 miles from downtown Chicago. There are more than 110,000 people living within five miles of the property.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer in the transaction. The seller is a real estate investor based in the Southwest and the buyer was a repeat 1031 exchange client in the Midwest.
There are 18 years remaining on the Firestone lease. The lease features a 10 percent rent escalation in year 11, then 10 percent every five thereafter. There are four five-year renewal options.