Wednesday, October 10, 2012

The Boulder Group Arranges Sale of Final Property in a Midwest Net Leased Walgreens Portfolio

The Boulder Group, a net leased investment brokerage firm specializing in single tenant assets, has completed the sale of a net leased Walgreens property located at 1207 North Randall Road, Aurora, Illinois for $2,701,150. The property was the final asset in a four property Midwest Walgreens portfolio being sold by a Chicago based family trust.

The Walgreens portfolio included properties located in Gurnee, IL, Tinley Park, IL, Cedar Rapids, IA and Aurora, IL. The total selling price for the four properties was $14.1 million. The single tenanted assets had lease terms of five to eight years remaining at the time of the sales.

The 13,905 square foot Aurora Walgreens was built in 1996 and is located in the western suburbs of Chicago. The building is situated along Randall Road, one of the most heavily trafficked roadways in the trade area. The building is leased to Walgreens on a net lease basis with five years of lease term remaining and is located on a hard corner of a signalized intersection. Walgreens is an investment grade rated company with a Standard & Poor’s rating of BBB and has over 8,200 stores nationwide.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller; a Chicago based family trust, in the transaction. The buyer was a private investment group.
“The market for net leased Walgreens with shorter term leases and strong sales remains active as investors are attracted to the higher yield these assets generate.” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman, Partner of The Boulder Group, added, “Core market single tenant assets with solid real estate fundamentals continue to be in the greatest demand.”

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 $1.4 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