The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Pamida property located at 1712 Highway 10 in Sisseton, South Dakota for $2,009,000.
Pamida is the sole occupant of the 32,000 square foot retail building that was developed in 2008. The property is located at the southeast corner of Highway 10 and Sherman Street in Sisseton, SD. Sisseton is a city on the Lake Traverse Indian Reservation in Roberts County, South Dakota. The property features a recently constructed Pamida that combines a long term lease with a store that has strong sales volumes.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction; the seller was a Midwest based developer and the buyer was a private buyer based in California.
Pamida has twelve years of lease term remaining on an original fifteen year triple net lease. Pamida is a regional retailer that was founded in 1963 and has over 200 stores nationwide. The company has sales of over $800 million in 2010 and is owned by the private investment firm of Sun Capital partners. The company recently merged with Shopko in 2012.
“The Midwest net lease market remains strong for corporately guaranteed single tenant properties with ten or more years of lease term remaining.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “As there is a lack of newly developed lower yielding core assets in the market, net lease investors are diversifying portfolios in order to take advantage of the yields derived from non-investment grade tenants in secondary and tertiary markets.“
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