PEARL, MS—A single-tenant Safelite AutoGlass property in the Jackson-Medgar Wiley Evers Airport Metroplex Commercial Park here has been sold for a little more than $2.3 million.
The newly constructed 20,317 square foot property at1039 Centre Pointe is situated on a 2.2-acre parcel and is located less than 10 miles east of downtown Jackson. The new Safelite AutoGlass lease is for 15 years.
Randy Blankstein, president, and Jimmy Goodman, partner, of The Boulder Group represented the buyer in the transaction; a Florida-based real estate investment company. The seller was a Texas-based real estate development company.
Safelite AutoGlass has 15 years remaining on its absolute net lease. The lease features 10% rental escalations every five years, according to the Boulder Group.
“As there are a limited amount of core assets in the market, some investors are seeking higher yielding assets such as properties leased to non-investment grade tenants,” says Blankstein.
Goodman says of the deal, “Properties featuring long term leases with multiple rental escalations throughout the primary term continue to remain at the forefront of investor demand.”
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