Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based developer.
Northbrook, IL -- (SBWIRE) -- 03/29/2013 -- The Boulder Group, a net leased investment brokerage firm specializing in single tenant assets, has completed the sale of a net leased Walgreens property located at 9290 Wicker Avenue, St. John, Indiana for $3,530,864.
The 13,905 square foot Walgreens was built in 1997 and is located within the Chicago MSA. The property is situated along a heavily trafficked thoroughfare and is located on a hard corner of a signalized intersection. The property is located along Wicker Avenue, which experiences traffic volumes in excess of 31,000 vehicles per day. Target is the primary regional retailer in the area and is located just south of the Walgreens. Other nearby retailers include Tractor Supply, Aldi, Strack & Van Til Food Market, Starbucks, Chase Bank and Fifth Third Bank. Additionally, average household income is in excess of $85,000 for those living within three miles from the property. The building is leased to Walgreens on a net lease basis with approximately five years of lease term remaining.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based developer. The buyer was a private net leased investment fund and was self-represented.
Walgreens has approximately five years of lease term remaining on an original twenty year net lease. Walgreens is a publicly traded company on the New York Stock Exchange (WAG), with a market capitalization of $38 billion. Walgreens is an investment grade rated company with a Standard & Poor’s rating of BBB and has over 8,200 stores nationwide.
“The market for net leased Walgreens with shorter term leases and strong sales remains active as investors are attracted to the higher yield these assets generate.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Core market single tenant assets with solid real estate fundamentals continue to be in the greatest demand.”
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 $1.4 billion of single tenant net lease real estate transactions. In 2012, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com