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 9290 Wicker Avenue, St. John, Indiana for $3,530,864.

The 13,905 square foot Walgreens was built in 1997 and is located within the Chicago MSA. The property is situated along a heavily trafficked thoroughfare and is located on a hard corner of a signalized intersection. The property is located along Wicker Avenue, which experiences traffic volumes in excess of 31,000 vehicles per day. Target is the primary regional retailer in the area and is located just south of the Walgreens. Other nearby retailers include Tractor Supply, Aldi, Strack & Van Til Food Market, Starbucks, Chase Bank and Fifth Third Bank. Additionally, average household income is in excess of $85,000 for those living within three miles from the property. The building is leased to Walgreens on a net lease basis with approximately five years of lease term remaining.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based developer. The buyer was a private net leased investment fund and was self-represented.

Walgreens has approximately five years of lease term remaining on an original twenty year net lease. Walgreens is a publicly traded company on the New York Stock Exchange (WAG), with a market capitalization of $38 billion. Walgreens is an investment grade rated company with a Standard & Poor’s rating of BBB and has over 8,200 stores nationwide.

“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 single tenant 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 over $1.4 billion of single tenant net lease real estate transactions. In 2012, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com

The Boulder Group Arranges the Sale of an $11 Million Walgreens Property in North Miami Beach, Florida

The Boulder Group, a net leased investment brokerage firm specializing in single tenant assets, has completed the sale of a triple net leased Walgreens property located at 15050 Biscayne Boulevard, North Miami Beach, Florida for $11,000,000.

The 14,550 square foot Walgreens was built in 2010 and is located in North Miami Beach, Florida. The lease featured a rare 11% rental escalation in the primary lease term. The building is situated along the heavily trafficked thoroughfare, Biscayne Boulevard, in a dense area of the Miami MSA. The property is located in a primary retail trade area near retailers Target, Costco, Publix and Petco. Additionally, the property is adjacent to Lamborghini Miami and the nation’s top selling Audi dealership. The building is leased to Walgreens on a net lease basis with approximately 22 years of lease term remaining.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a private partnership based in Montreal, Canada.  The buyer was a Massachusetts based limited partnership.

Walgreens has approximately twenty-two years of lease term remaining on an original twenty-five year triple net lease with a rare rental escalation in the primary term of the lease. Walgreens is a publicly traded company on the New York Stock Exchange (WAG), with a market capitalization of $35 billion. Walgreens is an investment grade rated company with a Standard & Poor’s rating of BBB and has over 8,200 stores nationwide.

“The market for net leased Walgreens in Miami and other core markets remains robust as these assets are in high demand among private investors.” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman, Partner of The Boulder Group, added, “The property traded above the asking price, despite a difficult loan assumption for this asset.”

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 www.bouldergroup.com

The Boulder Group Arranges the Sale of a Net Lease Advance Auto Parts Property in the Chicago MSA

       

The Boulder Group, a net leased investment brokerage firm specializing in single tenant assets, has completed the sale of a net leased Advance Auto Parts property located at 1135 East Division Street, Diamond, Illinois for $1,639,100.

The 6,125 square foot Advance Auto Parts was built in 2012 and is located in Diamond, Illinois. Diamond is located 60 miles southwest of downtown Chicago and residents achieve average household incomes of $70,000 within five miles of the property. The building is situated along Highway 113, the most heavily trafficked thoroughfare in the area. The property is an outparcel to Berta Crossing, a recently constructed retail center featuring Dollar General and Ace Hardware. Additionally, Interstate 55 (35,000 VPD) is located approximately one and one-half miles east of the property.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer and seller in the transaction. The buyer was a 1031 exchange investor  based in Ohio and the seller was a Midwest based partnership.

In 2012, Advance Auto Parts executed a fifteen years net lease with rental escalations in each renewal option period. Advance Auto Parts is a publicly traded company on the New York Stock Exchange (AAP), with a market capitalization of $5 billion. Advance Auto Parts is an investment grade rated company with a Standard & Poor’s rating of BBB- and has over 3,600 stores nationwide.

“The market for new construction net leased auto parts stores remains robust as these assets are in high demand among private investors.” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman, Partner of The Boulder Group, added, “1031 exchange buyers continue to aggressively seek single tenant assets occupied by investment grade rated tenants, like Advance Auto Parts.”

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 firm was ranked in the Top 10 companies in the nation for single tenant retail transactions in 2012 by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com

The Boulder Group Publishes Net Lease Drug Store Research Report

The Boulder Group’s Research Department has released a new research report providing comprehensive numbers and analysis of the activity in the National Net Lease Drug Store Market.

Highlights from the report are as follows:

• Net Lease Drug Store properties cap rates continue to compress
• Net Lease Drug Store supply declined 56% in the last six months
• Walgreens command the lowest cap rate in the sector

The full report can be viewed online at http://www.bouldergroup.com/NLDS.pdf

 

About The Boulder Group

The Boulder Group is a boutique investment real estate service firm specializing in single tenant 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. In 2012, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. More information on the firm can be found on The Boulder Group’s website at www.bouldergroup.com