The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Safeway property located at 7815 North Lake Blvd, Kings Beach, CA for $18,425,000.
The 38,050 square foot Safeway is positioned N Lake Blvd directly facing Lake Tahoe. The property is located near numerous hotels, resorts, casinos and golf courses. The property serves as the main grocery store on the northern point of Lake Tahoe. Additionally, the area is popular among skiers and outdoor enthusiasts. The average annual household income in excess of $94,000 within five miles of the property.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a private real estate investment company based in the southwest. The buyer was a high net worth repeat 1031 investor.
Safeway has over 19 years remaining on their lease and a long successful operating history at the location. “The market for standalone grocery properties remains active as investors are attracted to the superb locations these types of properties are located.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “This asset sold in record time due to the strong sales history, low rent and the tenant’s long-term commitment to the location.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $4 billion of single tenant net lease real estate transactions. From 2012-2017, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Address:3520 Lake Avenue Suite 203
Country: United States