Northbrook, IL -- (SBWIRE) -- 01/31/2014 -- The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant triple net leased Walgreens property located at 603 Uniondale Avenue in Uniondale, New York for $12,350,000.
Walgreens is the sole occupant of the 12,827 square foot retail building that was developed in 2012. The development of this Walgreens required a difficult assemblage of five separately owned land parcels that began in 2009, three years prior to the store opening. The property is located in a dense infill area of Long Island on a 52,085 square foot parcel at the southeast corner of Uniondale Avenue and Jerusalem Avenue. Uniondale Avenue is the only north-south thoroughfare that runs through the community and the property experiences traffic counts in excess of 38,000 vehicles per day. There are over 560,000 people living within five miles of the property earning an annual average household income in excess of $105,000. The property is fully leased to Walgreens with over 23 years of primary lease term remaining.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a New York based development firm, in the transaction. The buyer was a private partnership based in New York.
Walgreens has 23 years of primary lease term remaining on an original 25 year lease that commenced October 2012. Walgreens is a publicly traded company on the New York Stock Exchange (WAG), with a market capitalization of $56 billion. Walgreens is an investment grade rated company with a Standard & Poor’s rating of BBB and they operate over 8,560 locations.
“The market for Walgreens properties remains active as investors are attracted to investment grade rated companies with long term leases” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “While single tenant properties are selling in all types of locations; core markets, like the New York MSA, are at the forefront of investor 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 $1.6 billion of single tenant net lease real estate transactions. From 2011-2013, 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.