Wednesday, March 2, 2011
The Boulder Group Completes Sale of Net Leased Walgreen’s Ground Lease for $2.7 Million in the Chicago MSA
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant property ground leased to Walgreens, located in St, John, IN for $2.74 million. The 63,162 square foot parcel is 100% leased on a long term basis to Walgreen’s.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago based developer. The purchaser was an institutional investor based in the Midwest.
“The combination of a long term ground lease and Walgreen’s credit created multiple offers for this asset. In addition to this asset’s strengths, the market for core triple net properties in the present market environment remains strong” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group added, “Despite the challenge of this unique ground lease with no building improvements, the purchaser recognized the long term value of the land.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in 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 participated in the acquisition and disposition of more than $1.2 billion of net lease real estate transactions through several real estate cycles. The Boulder Group is headquartered in suburban Chicago. The firm’s website is www.bouldergroup.com