Walgreens is the sole occupant of the 14,500 square foot retail building that was developed in 2011. The property is located at the northwest corner of Highway 17 and Highway 41 in Mount Pleasant, SC in the eastern suburbs of the Charleston MSA. Mount Pleasant is an affluent suburb of Charleston and average household incomes within three miles of this property are $124,000. The property features a newly constructed Walgreens that combines zero landlord responsibilities with a new twenty-five year lease.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer; a 1031 exchange investor based in Chicago, in the transaction. The seller was a southeast based developer.
Walgreens has twenty five years of lease term remaining on triple 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 newly constructed Walgreens remains active as investors remain focused on long term leased investment grade tenanted properties.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “1031 exchange investors continue to pay a premium for single tenant Walgreens properties as they are considered one of the most stable single tenant real estate investment options. “
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
