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 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
