The Boulder Group, a net leased investment
brokerage firm, has completed the sale of a single
tenant net leased Walgreens property located at 1229 North Eastern
Avenue in Moore,
OK for $3,482,000.
Walgreens is the sole occupant of the
15,120 square foot retail building that was developed in 2001. The property is
located on a 1.41 acre parcel at the southeast corner of 12th Street
and Eastern Avenue in Moore, OK. Moore is located in
the northwest portion of Cleveland County and located about 12 miles south of
Oklahoma City.
The property featured an attractive high yield for a net leased Walgreens asset
combined with close proximity to Interstate 35 and a prime location on the hard
corner of a signalized intersection in the Oklahoma City MSA.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented the seller, an Oklahoma
developer, in the transaction. The buyer was a Midwest based high net worth
individual.
Walgreens has ten
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 higher yielding net leased Walgreens remains active as investors are
attracted to investment grade tenanted properties in locations that have strong
renewal probability” said Randy Blankstein, President of The Boulder
Group. Jimmy Goodman, Partner of The
Boulder Group, added, “There has been a recent increase in demand for vintage
Walgreens with strong sales allowing investors to achieve higher yields and
diversify their net lease portfolios.”
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 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
