Net Lease p Tennessee

Boulder Group closes $2 million sale of net-lease retail property in Tennessee

Boulder Group sells net-lease property for $2 million,ph01

The Boulder Group completed the sale of a single-tenant net-leased Boot Barn property at 1775 Vann Drive in Jackson, Tennessee, for $2 million.

The 8,000-square-foot building is located immediately off Interstate-40 along Vann Drive in Jackson’s primary retail corridor. Retailers located in the immediate area include Walmart Supercenter, The Home Depot, Sam’s Club, Lowe’s Home Improvement, Dick’s Sporting Goods, Ross Dress for Less and Kohl’s.

Directly west of the Boot Barn location, construction is in progress for a mixed-use project. The project will feature shopping, restaurants and a luxury 312-unit apartment project. Two miles north of the property is Union University, a top-ranked private university with more than 4,300 students. T

Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction. The seller was a Southern-based commercial real estate investment and development company. The purchaser was a Northeast-based private partnership.

Boot Barn has more than nine years on its lease, one that features a 10 percent rental escalation in the primary term and in each of the four five-year renewal option periods.