The Boulder Group Arranges Sale of a Single Tenant Net Leased Walgreens Property in Tinley Park, Illinois (Chicago MSA)

(Northbrook, IL -December 28, 2011)- The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens property located at 16675 S Oak Park Avenue in Tinley Park, IL for $3,358,000.

Walgreens is the sole occupant of the 13,905 square foot retail building that was developed in 1999. The property is located on a 1.79 acre parcel at the southwest corner of 167th Street and Oak Park Avenue in Tinley Park, IL in the southern suburbs of the Chicago MSA. Tinley Park has over 50,000 residents making it the 14th largest city in metropolitan Chicago. The property featured an attractive high yield for a net leased Walgreens asset combined with strong existing store sales and a prime signalized intersection on a hard corner.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago trust, in the transaction. The buyer was a California based 1031 exchange investor.

Walgreens has eight years of lease term remaining on an original 20 year double net lease. Walgreens is a publicly traded company on the New York Stock Exchange (WAG), with a market capitalization of $39.9 Billion. Walgreens is an investment grade rated company with a Standard & Poor’s rating of A that has over 7,700 stores nationwide.

“The market for vintage net leased Walgreens in major metros remains active as investors are attracted to investment grade tenanted properties in core markets.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Investors are seeking to diversify their single tenant portfolios with older investment grade leased assets to achieve higher yields than newly constructed properties.”

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 arranged 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 company’s website address is www.bouldergroup.com

The Boulder Group Arranges Sale of Single Tenant Net Leased Walgreens Property in Gurnee, Illinois (Chicago MSA)

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens property located at 7501 Grand Avenue in Gurnee, IL for $3,355,000.

Walgreens is the sole occupant of the 13,905 square foot retail building that was developed in 1996. The property is located on 2.1 acres at the northeast corner of Grand Avenue and Almond Road in Gurnee, IL in the northern suburbs of the Chicago MSA. Gurnee is home to Gurnee Mills (the fourth largest shopping mall in Illinois), Six Flags Great America and Key Lime Cove Waterpark Resort and benefits from its prime location halfway between both Chicago and Milwaukee. The property featured an attractive high yield for a net leased Walgreens asset combined with strong existing store sales and a prime location within the Chicago metro.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago trust, in the transaction. The buyer was a Midwest based high net worth investor.

Walgreens has five years of lease term remaining on an original 20 year double net lease. Walgreens is a publicly traded company on the New York Stock Exchange (WAG), with a market capitalization of $39.9 Billion. Walgreens is an investment grade rated company with a Standard & Poor’s rating of A that has over 7,700 stores nationwide.

“The market for vintage net leased Walgreens in major metros remains active as investors are attracted to investment grade tenanted properties in core markets.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Investors are seeking to diversify their single tenant portfolios with older investment grade leased assets to achieve higher yields than newly constructed properties.

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 arranged 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 company’s website address is www.bouldergroup.com

Triple Net Leased Dollar General Property in South Bend, Indiana Sold by The Boulder Group

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a triple net leased Dollar General property located at 4123 Western Avenue in South Bend, IN for $1,159,300.

The 9,014 square foot Dollar General was built in 2011 and is located in the northern portion of Indiana; 90 miles east of Chicago. The building is situated on a 1.57 acre parcel and is leased on a 15 year triple net basis to Dollar General. Dollar General is a publicly traded Fortune 500 company that has over 9,300 stores nationwide. The Company’s Standard and Poor’s rating was recently upgraded to BB+.

This newly developed Dollar General is located in one of the primary retail corridors of South Bend. The Property is within five miles from four colleges including, The University of Notre Dame, Holy Cross College, Indiana University—South Bend, and Ivy Tech Community College.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a Chicago high net worth individual investor, in the transaction. The seller was a Midwest based developer.

“The market for new triple net leased Dollar Generals is robust as investor demand for long term leased properties in the under $2 million price point exceeds the supply.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “First time net lease investors are seeking newer Dollar General leases, as they are 15 year triple net leases as opposed to the older 10 year double net leases. Activity for single tenant leased Dollar Generals has dramatically increased because investors need a limited amount of equity for a typical Dollar General price point.”
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 arranged 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 company’s website address is www.bouldergroup.com

The Boulder Group Arranges Sale of Single Tenant Net Leased Walgreens Property in Oklahoma City MSA

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens property located at 1427 North Harrison Avenue in Shawnee, OK for $2,938,000.

The 13,650 square foot Walgreens was built in 1998 and is located in the eastern portion of the Oklahoma City MSA. Oklahoma City is a growing city and is home to the headquarters of Devon Energy. Shawnee is located less than forty miles east of downtown Oklahoma City and will benefit from Oklahoma City’s continued growth. Shawnee is home to two American Indian casinos that provide a large draw to the area as well as numerous job opportunities for the residents.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, an Oklahoma based partnership, in the transaction. The buyer was a Miami based high net worth investor.

“The market for net leased Walgreens with under ten years of lease term remaining is active as investors are attracted to the higher yields and lower absolute prices of the older Walgreens properties” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “With limited new development of Walgreens properties and other similar single tenant assets, net lease investors are diversifying portfolios with vintage assets.”

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 arranged 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 company’s website address is www.bouldergroup.com

The Boulder Group Completes Sale of Walgreens Ground Leased Property in ChicagoThe Boulder Group, a net leased investment brokerage firm, has complete

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a ground leased Walgreens property located at 5105 N. Harlem Avenue in Chicago, IL for $1,197,183.

The property is located approximately eleven miles northwest of downtown Chicago and six miles from O’Hare International Airport. The ground lease is located at the intersection of heavily trafficked intersection of Harlem Avenue and Foster Avenue. This intersection has average daily traffic counts of over 45,000 vehicles and Harlem Avenue also has direct full interchange with Interstate 94 (190,100 vehicles per day). Harlem Avenue is the primary north-south thoroughfare in the area. The property is ground leased on an absolute net basis to Walgreens for an 18 year lease term.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a locally based developer, in the transaction. The buyer was a Midwest based private investment group.

“Ground leased properties remain in high demand as they offer a secure investment that combines a low price point with zero landlord responsibilities” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Primary activity in the single tenant marketplace comes from investment grade tenanted properties, like Walgreens, located in core locations.”

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 arranged 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 company’s website address is www.bouldergroup.com


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