The Boulder Group, a net leased investment
brokerage firm, has completed the sale of a single
tenant triple net leased Walgreens property located at 4520 Balfour Road in
Brentwood, California for $7,000,000.
Walgreens is the sole occupant of the
14,490 square foot retail building that was developed in 2003. The property is
located on over two acres at the southeast corner of Balfour Road and Walnut
Boulevard in Brentwood, California. This signalized intersection experiences
traffic volumes in excess of 30,000 vehicles per day. The property is located
within an affluent area and is positioned in a strong retail corridor directly
across from a Food Maxx grocery anchored center. The property is fully leased to Walgreens
with fifteen years of primary lease term remaining as well as ten five-year
renewal options.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented the seller, a family
partnership based on the West Coast, in the transaction. The buyer was a high
net worth individual located in California in a 1031 exchange.
Walgreens has
fifteen years of lease term remaining on an original twenty-five year lease.
Walgreens is a publicly traded company on the New York Stock Exchange (WAG),
with a market capitalization of $51 billion. Walgreens is an investment grade
rated company with a Standard & Poor’s rating of BBB and has over 8,500
locations nationwide.
“The market for Walgreens properties
remains active as investors are attracted to investment grade rated companies
with long term leases” said Randy Blankstein, President of The Boulder
Group. Jimmy Goodman, Partner of The
Boulder Group, added, “While single tenant properties are selling in all types
of locations; core markets, like San Francisco, are at the forefront of
investor 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 $1.6 billion of single tenant net lease real estate transactions. In 2011 and 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 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 $1.6 billion of single tenant net lease real estate transactions. In 2011 and 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.
