The Boulder Group,
a net leased investment brokerage firm, has completed the sale of a single tenant net leased Shopko Hometown property
located at 598 West Lucas in Ellsworth, Wisconsin for $2,350,000.
Shopko Hometown is the sole occupant of the
32,100 square foot retail building that was developed in 2008. The property is
located on the southwest corner of West Crosstown Road and Highway 65, which is
the primary thoroughfare in the area. Interstate 94 is only 19 miles north, and
the new River Falls bypass provides access to the entire Twin Cities metro
area. There are ten years remaining on this net lease.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented the seller in the
transaction. The seller was a Midwest based developer and the buyer was a
private investor from Wisconsin in a 1031 exchange.
Shopko Hometown’s
lease has ten years remaining and expires in May 2024. There are three 5-year
renewal option periods. Shopko is a privately held company with annual sales of
approximately $3 billion. Shopko operates approximately 330 stores located in
21 states.
“The Midwest net lease market remains strong for corporately
guaranteed single tenant properties with ten or more years of lease term
remaining” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group,
added, “There has been an increase in demand for
long-term leased non-investment grade properties, as they generate higher
yields than the typical core net lease assets.”
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 $1.7 billion of single tenant net lease real estate transactions. From 2011-2013, 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. www.bouldergroup.com
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 $1.7 billion of single tenant net lease real estate transactions. From 2011-2013, 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. www.bouldergroup.com