The Boulder Group Arranges Sale of Net Lease Bob Evans Property

The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant Bob Evans located at 1050 El Jobean Road in Port Charlotte, Florida for $1,955,250.

The 5,398 square foot Bob Evans sits on 2.09 acre in a dominant regional retail corridor along El Jobean Road. El Jobean Road is a primary thoroughfare in the area that experiences traffic counts of 25,500 vehicles per day. The Bob Evans is an outparcel to Port Charlotte Town Center, a 765,000 square foot mall with over 100 stores.  Retailers located within the mall include Beall’s, Dillard’s, JCPenney, Macy’s, Regal Cinemas, Sears and Victoria’s Secret to name a few.  Additional retailers in the immediate area include Walmart Supercenter, The Home Depot, Target, Sam’s Club, Lowe’s, Kohl’s, Best Buy and Walgreens.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller was a northeast based family trust and the buyer was a high net-worth investor based in Florida.

There are 15 years remaining on the lease which expires in April 2036 but features five 5-year renewal options. The triple net lease features 1.5% annual rental escalations that occur on May 1st. The Bob Evans was built in 2003 and underwent a remodel in 2013.

“E-commerce resistant retailers including tenants in the dining sector continue to be in high demand amongst investors” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman, Partner of The Boulder Group, added, “Single tenant properties in Florida are trading at the most aggressive cap rates ever.”