The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens property located at 910 Broadway Street in Alexandria, MN for $5,075,000.
Walgreens is the sole occupant of the 14,820 square foot retail building that was developed in 2008. The property is located on a 1.49 acre parcel at the northeast corner of Broadway Street and 10th Avenue in Alexandria, MN. The property is located two and one-half miles north of Interstate 94 and two hours northwest of Minneapolis. The property is leased to Walgreens with 21 years of lease term remaining and is located on the hard corner of a signalized intersection.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest family trust, in the transaction. The buyer was a Chicago based investment firm.
Walgreens has twenty one years of lease term remaining on an original 25 year 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 and has over 7,700 stores nationwide.
“The market for long term net leased Walgreens remains strong as investors are attracted to investment grade tenanted properties that can be financed via multiple loan products” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “There are few tenants that consistently engage in lease over 20 years, therefore there continues to be high demand for Walgreens related 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